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CBN: FEC gives update on $3bn Afrexim Bank loan to stabilize crumbling Naira

The National Economic Council, NEC, on Thursday, said that the $3 billion emergency loan-for-crude oil the Federal Government secured in August to stabilize the crumbling Naira was awaiting Central Bank of Nigeria implementation.

Governor Abdullahi Sule of Nasarawa State disclosed this to State House correspondents after the 136th NEC meeting at the Aso Rock Presidential Villa.

He assured that the CBN will soon commence the implementation of the $3 billion loan to stabilize the economy.

“So, we are very confident, and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3bn shall be useful to us down the line,” he said.

Asked when the intervention would kick in and if there would be a need for a supplementary budget, Sule said, “The $3bn that was taken to stabilize the Naira. As you have seen, we have a new team at the CBN, and the new team just coming in is asking for a little time to work out the modalities.

“It is one thing to take the loan; it is another to plan the stabilization process because it will take a while.

“The CBN governor was just confirmed a few days back, and he started rolling out his plans of what to do.”

DAILY POST recalls that Nigerian National Petroleum Corporation Limited secured an emergency $3 billion crude repayment loan from Afrexim Bank on August 16 to relieve the pressure on the Naira, exchanging N980/$1 on Wednesday at the parallel foreign exchange market.