The International Monetary Fund(IMF), has approved a Rapid Financing Instrument (RFI) for Nigeria valued at $3.4 Billion.
On Monday, April 27th. The Director of IMF, Kristalina Georgia said she expected the RFI to be approved before the end of April.
With Multiple unsold cargoes of Crude Oil due to reduced global demand caused by Covid-19.
Nigeria’s FX liquidity got affected which led to the dollar trading at 2016 levels of 460 Naira in parallel markets today.
The Rapid Financing Instrument comes at the most needed time for the economy during the outbreak. The loan is expected to be paid back in a period of 5 years.