Finally, FG Receives $2.25bn Afrexim Bank Loan

By Nafisat Bello

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, who 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.

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.