In a positive move for the country, Nigeria received a significant boost as the Federal Government welcomed a $2.25 billion foreign exchange support package from the African Import-Export Bank on Friday.
Quest Times reports that the Finance Minister, Wale Edun, confirmed the transaction in an interview with Arise TV, highlighting that this is the initial installment of a $3.3 billion facility from the bank.
Addressing the current challenges faced by the Nigerian economy due to a shortage of foreign exchange, Edun emphasized that this financial support is a crucial step towards resolving the issue.
He further explained that the remaining $1.05 billion is scheduled to arrive in the first week of January.
Moreover, Edun reassured the public that efforts are underway to tackle Nigeria’s economic challenges head-on.
This development follows an earlier announcement in August, where the Nigerian National Petroleum Company Limited secured a $3 billion emergency loan from Afrexim Bank to stabilize the country’s foreign exchange market.