FX shortage: FG secures a credit facility of $2.25bn from Afrexim Bank

On Friday, the federal government finally received $2.25 billion from the Afreximbank as part of a $3.3 billion foreign exchange loan facility.

This long-awaited facility aims to address the severe shortage of foreign exchange in the country, which has been hindering economic activities and undermining investor confidence.

The initial tranche of $2.25 billion has been deposited into the federal government’s account, with the remaining $1.05 billion expected to be received next week.

The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has expressed the government’s commitment to implementing a comprehensive range of solutions to Nigeria’s economic challenges, including leveraging technology to improve tax collection and ease the foreign exchange situation. Further details will be provided in due course.