The Nigerian Federal Government on Friday received a $2.25 billion foreign exchange support loan from the African Import-Export Bank.

The Minister of Finance, Wale Edun, confirmed this to journalists during a recent interview. He said it is the first tranche of the $3.3bn facility from the bank, noting that the loan to resolve the acute foreign exchange shortage hampered the economy. 

Accordingly, the government said the balance of $1.05bn will be received in the first week of January. Edun stated that work has commenced to solve Nigeria’s economic challenges.

Recall that in August 2023, the Nigerian National Petroleum Company Limited announced that it had secured a $3bn emergency loan from the Afrexim Bank to stabilise the country’s volatile foreign exchange market.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: