FX Liquidity Boost as FG Receives $2.25bn Afrexim Bank’s Credit Facility

James Emejo in Abuja

The federal government Friday finally received $2.25 billion out of the $3.3 billion foreign exchange loan facility from the Afreximbank.

The long-awaited facility seeks to ameliorate the acute FX shortage in the country which had constrained economic activities and doused investors’ confidence.

The first tranche of $2.25 billion support was reportedly paid into the federal government’s account. The balance of $1.05 billion is due next week.

The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had hinted that efforts were being made to put in place a comprehensive range of solutions to Nigeria’s economic challenges including improving finances through leveraging technology to raise tax collection as well as ease the foreign exchange position.

Details later…