The Federal Government of Nigeria through the Central Bank of Nigeria secured a $3 billion emergency loan for crude oil in
August, and the National Economic Council confirmed on Thursday that it would be used to stabilize the naira, whose value
has continued to fluctuate in the Investors and Exporters Window and gotten worse in the parallel market, reaching N1000/$ earlier this month.
The governor of Nassarawa State, Abdullahi Sule said:
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 $3 billion shall be useful to us down the line.”
Governor Sule gave this hints at the State House during the 136th NEC meeting at the presidential villa.
On Friday, September 22, 2023, it started to rise again when President Bola Tinubu proposed Olayemi Cardoso as Central
Bank of Nigeria Governor.
On the black market, the naira strengthened by N10 versus the dollar, closing at N990/$.
Recalled that in August 16, 2023, the Nigerian National Petroleum Corporation disclosed that it had obtained an urgent $3
billion crude repayment credit from Afrexim Bank.
It said that the financing would make it possible for it to pay taxes and royalties upfront.
Additionally, it would provide the Federal Government with the essential dollar liquidity to risk-aversely stabilize the naira.
Due to the formation of the new Central Bank of Nigeria team, the $3 billion intervention to stabilize the naira will take time.
The new Central Bank governor has already made known what he is going to do.
The stabilzing procedure will take some time.
There has not been a supplementary budget request submitted to NEC, but one is anticipated given the current circumstances.
