This will do for the present (5)

I believe the answer is:

nonce

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'the present' is the definition.
(a nonce word is coined for the present situation)

I don't understand the remainder of the clue.

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(Other definitions for nonce that I've seen before include "One serving prison sentence" , "what you may call a one-off" , "special occasion" , "The occasion, time being" , "For the express purpose" .)

I've seen this clue in The Globe and Mail.

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