On Friday, the Federal Government of Nigeria received a foreign exchange support facility of $2.25 billion from the African Import-Export Bank.
The Minister of Finance, Wale Edun, confirmed the transaction to Arise TV, indicating that it constitutes the initial tranche of a $3.3 billion facility from the bank.
Edun emphasized that the loan is intended to address the severe foreign exchange shortage that has been impacting the Nigerian economy.
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The Minister further disclosed that the remaining balance of $1.05 billion is expected to be received in the first week of January.
This financial support from the African Import-Export Bank is seen as a crucial step in resolving Nigeria’s foreign exchange challenges.
Edun highlighted that efforts are underway to tackle broader economic issues in Nigeria, signaling a commitment to finding comprehensive solutions.
In a related development, in August, the Nigerian National Petroleum Company Limited had announced securing a $3 billion emergency loan from the Afrexim Bank to stabilize the country’s volatile foreign exchange market.
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