In a significant development, the Nigerian National Petroleum Company Limited (NNPC) revealed on Wednesday that it has successfully obtained a $3 billion emergency loan from the African Export-Import Bank. The primary goal of this loan is to bring stability to the nation's volatile foreign exchange market.
The prevailing illiquidity in the foreign exchange market had led to startling figures, with the dollar trading as low as N950/$ in the parallel market and N775 in the official window. This situation has posed substantial challenges for businesses across the country, further exacerbating the complexities of Nigeria's extensive fuel importation, which consumes approximately $20 billion annually.
ANCHOR
Lekan Onabanjo
GUEST
Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Enterprise
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