BusinessTop Story

Nigerian economy to experience boom as $2.25bn Afrexim bank first tranche of loan of $3.3b hits FG’s account

2k

With the Naira ranked among the worst performing currency globally, Nigeria has received $2.25 billion out of the $3.3 billion from Afreximbank to help cushion the effects of foreign exchange shortages that has almost crippled the economy and the Naira growth.

This year alone, the Naira has depreciated by over 50%, making it the third worst-performing global currency occasioned by the unification of the foreign exchange market in June.

Persecond News reports that the first tranche of $2.25bn was received by the federal government on Friday while $1.05bn is due in the first week of January 2024.

This lastest development is coming a few months after the Nigerian National Petroleum Company Ltd (NNPCL) announced that a deal of $3b has been secured with Afreximbank to halt the further slump of Naira against the dollar at the foreign exchange market.

A statement by NNPCL said: “The NNPC Ltd and AfriEXIM Bank have jointly signed a commitment letter and Term Sheet for an emergency $3 billion crude oil repayment loan.

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”

Leave a comment

Related Articles

Transcorp Group Achieves Remarkable Growth in 2024, Posts 107% Revenue Surge, 132% Profit-Before-Tax Increase

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate has...

Breaking: Ex-Kaduna Gov. El-Rufai quits APC, joins SDP

At last, former Governor of Kaduna State, Nasir Ahmad El-Rufai, has dumped...

Tinubu to launch mass electric-powered vehicles in Northeast

In a bid to promote energy efficiency and reduce carbon emissions in...

Police Arrest Church Member Linked to Kidnapping of Two Reverend Fathers

For allegedly kidnapping two reverend fathers, a congregant of Catholic Dioceses Yola...

Pres. Tinubu Mourns Doyin Okupe, Describes Him as “Titan of Nigerian Politics”

President Bola Tinubu has extended his heartfelt condolences to the family, friends,...

Naira Weakens to N1,550 Against Dollar Amid Increased Demand

The Nigerian naira has taken a hit, weakening to N1,550 against the...

Trump Establishes “Strategic Bitcoin Reserve” Via Executive Order

US President Donald Trump on Thursday signed an executive order establishing a...

Just In: Anxiety mounts over Dr. Doyin Okupe’s health

Anxiety mounts on Friday morning over the state of health of a...

Alleged N138m Fraud: EFCC Quizzes Tinubu’s ex-Women Affairs Minister Uju Kennedy

Immediate past Minister of Women Affairs, Uju Kennedy Ohanenye, is now in...

Breaking: Senate suspends Natasha Akpoti-Uduaghan

The Senate on Thursday slammed a six-month suspension on Sen. Natasha Akpoti-Udughan,...

Tinubu performs FirstBank’s 43-storey hqt. groundbreaking in Lagos, tallest in Nigeria, pledges sustainable financial system

President Bola Tinubu performed the groundbreaking ceremony for FirstBank’s new 43-storey eco-friendly...

CBN appoints 16 directors to strengthen its operations

The Central Bank of Nigeria (CBN) has taken a significant step to...

Just In: Court Intervenes, Stops Senate Ethics Committee from Investigating Sen. Akpoti-Uduaghan

A Federal High Court in Abuja has issued a restraining order against...

FirstBank holds groundbreaking ceremony for new state-of-the-art eco-friendly headquarters in Lagos

FirstBank, the premier bank in West Africa and a leading financial inclusion...

Alleged N700bln fraud: Ex-Akwa Ibom Gov. Emmanuel in EFCC’s net

The immediate past Governor of Akwa Ibom State, Udom Emmanuel, has been...

Just in: Ex-NIS Controller General died in hotel after woman’s visit, not killed by kidnappers – FCT Police clarify

The Federal Capital Territory (FCT) Police Command has debunked reports claiming that...

Just in: Oyo tanker explosion claims two lives

Nigeria has witnessed yet another devastating tanker explosion, this time in Ibadan,...

Tinubu approves licences for 11 new private universities, raising the number to 161

In a significant move to expand educational opportunities and infrastructure in Nigeria,...

Breaking: Reinstated Speaker Obasa presides over Lagos Assembly plenary, adjourns sitting

The just-reinstated Speaker of Lagos State House of Assembly, Mudashiru Obasa, on...

Breaking: Meranda steps down as Lagos Speaker as ousted Speaker Obasa steps in

The prolonged leadership crisis in the Lagos State House of Assembly seems...