The African Import-Export Bank granted Federal Government with a $2.25 billion foreign exchange support facility on Friday.
The Minister of Finance, Wale Edun, confirmed this to Arise TV, saying it is the first tranche of the bank’s $3.3 billion facility. He stated that the loan was intended to alleviate the severe currency shortage that has crippled the economy.
According to the report that our reporter is following, the balance of $1.05 billion will be received in the first week of January.
Edun noted that work on answers to Nigeria’s economic difficulties has begun.
The Nigerian National Petroleum Company Limited said in August that it had obtained a $3 billion emergency loan from Afrexim Bank to help stabilize the country’s volatile foreign exchange market.