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Friday, April 12, 2024

The NNPC of Nigeria secures a $3 billion loan to balance the foreign exchange market

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Nigeria, the largest economy in Africa, has been attempting to boost reserves and halt the depreciation of its currency, which has reached record lows on the black market two months after trading limits were relaxed on the official market.

Acting Central Bank Governor Folashodun Shonubi stated on Monday that the bank will take actions that will have an impact on currency markets in the coming days following a meeting with President Bola Tinubu to discuss ways to improve dollar liquidity on the official market.

Shonubi stated that the president was concerned about the black market rate being used as a benchmark for domestic use and its impact on inflation, but she did not say what measures would be implemented.

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As part of his most radical reforms in decades, Tinubu got rid of a pricey gasoline subsidy and depreciated the naira, which piqued the interest of foreign investors in the country, which had been grappling with high inflation and increasing debt-servicing expenses.

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