The Federal Government on Friday received a $2.25b foreign exchange support facility from the African Import-Export Bank.
The Minister of Finance, Wale Edun, confirmed this to Arise
TV, said it is the first tranche of the $3.3bn facility from the bank. He noted
that the loan was aimed at resolving the acute FX shortage that has hampered
the economy.
According to the report monitored by our correspondent, the
balance of $1.05bn will be received in the first week of January.
Edun stated that work has commenced for solutions to
Nigeria’s economic challenges.
In August, 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.
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