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Wednesday, Nov 6, 2024
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Reading: FX shortage: FG secures a credit facility of $2.25bn from Afrexim Bank
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FX shortage: FG secures a credit facility of $2.25bn from Afrexim Bank

Ehabahe Lawani
Ehabahe Lawani 17 Views

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.

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