The Federal Government on Friday received a $2.25b foreign exchange support facility from the African Import-Export Bank (AfreximBank).
Wale Edun, the Minister of Finance, confirmed the AfreximBank loan to the Federal Government 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 AfreximBank to stabilise the country’s volatile foreign exchange market.
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