The Federal Government on Friday obtained a foreign exchange support package worth $2.25 billion from the African Import-Export Bank.
Confirming this development to Arise TV, Finance Minister Wale Edun disclosed that this sum represents the initial installment of a larger $3.3 billion facility from the bank.
Emphasizing the acute shortage of foreign exchange affecting the economy, he highlighted that this loan aims to address this pressing issue.
As per the report monitored by The PUNCH, the remaining $1.05 billion is expected to be received in the first week of January.
Edun also mentioned that efforts have already commenced to tackle Nigeria’s economic challenges.
This move follows a previous announcement in August by the Nigerian National Petroleum Company Limited, which had secured a $3 billion emergency loan from the Afrexim Bank aimed at stabilizing the country’s volatile foreign exchange market.
