FG Receives $2.25bn Afrexim Bank Loan

The Federal Government has received a $2.25b foreign exchange support facility from the African Import-Export Bank.

This was confirmed by Finance Minister Wale Edun to Arise TV, who stated that it is the first tranche of the bank’s $3.3 billion facility. He mentioned that the loan was intended to address the severe foreign exchange shortage that has hurt the economy.

Citymirror news online report indicates that the remaining $1.05 billion will be received during the first week of January.

According to Edun, efforts to address Nigeria’s economic problems have begun.

Recall that in order to stabilize the erratic foreign exchange market in the nation, the Nigerian National Petroleum Company Limited declared in August that it had obtained a $3 billion emergency loan from Afrexim Bank.