December 29, (THEWILL) – Nigeria’s much awaited $2.25 billion foreign exchange support facility from the Afreximbank is expected to arrive today, Friday, December 29, 2023.
The facility agreement which the Nigerian National Petroleum Company Limited (NNPCL) signed in September 2023 was meant to ease the nation’s forex scarcity amid mounting economic challenges.
THISWILL learnt that Afreximbank signed the financial documents yesterday and the funds should come in Friday.
The Federal Government eagerly awaits the facility to support the feeble local currency which has been losing massively against the dollar since the June 14 forex reform.
The Naira closed N1,043 to the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) while the parallel market traded 1,210 to the dollar on Thursday, December 28. .
While Afrexim is the lead arranger, there are sub-lenders including Sahara energy group, UBA as well as Guvnor, one of the world’s largest energy trading houses by turnover.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
