The International Monetary Fund (IMF) says it has credited the Central Bank of Nigeria (CBN) with the $3.4 billion loan approved to assist the country’s fight against COVID-19 and resolve urgent balance of payment needs.

The Fund’s managing director, Kristalina Georgieva, made the disclosure in an interview on CNBC Africa.

“We have already disbursed (the money to Nigeria). In emergency assistance, (once) the board approves, we disburse within days to the country and it goes to the Central bank in dollars before it’s converted to naira (for the federal government’s use),” Georgieva said.

The $3.4 billion loan, when reflected in the CBN’s reserve data, will push gross external reserves to a near two month high of $36.9 billion from $33.5bn as of April 30.

The loan is the single biggest disbursement by the IMF for any country with the coronavirus pandemic, yet it may be too little to make a big dent on Nigeria’s broader economic problems which include a possible balance of payment deficit of $9bn this year.

Hit by crashing oil prices and lockdowns to curb the spread of the Covid-19 pandemic, Africa’s biggest crude producer has also requested $3.5 billion in total from the World Bank and the African Development Bank.

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! .......................................................................................................................
131
Created on
The NBA Administration led by Y. C Maikyau, SAN.

In Your Opinion, Has Y. C Maikyau, SAN, Demonstrated Strong Leadership Qualities As The NBA President?

Min votes count should be 1
Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________

School Of Alternative Dispute Resolution Launches Affiliate Program To Expand Reach

For more information about the Certificate in ADR Skills Training and the affiliate marketing program, visit www.schoolofadr.com, email info@schoolofadr.com, or call +2348053834850 or +2348034343955. _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.