Nigeria's NNPC obtains a $3 billion loan for stabilising the foreign exchange market

The country with the biggest economy in Africa, Nigeria has been working to increase its reserves and stop the decline of its currency, which has now fallen to record lows on the black market two months after trading restrictions were loosened on the official market.

After meeting with with President Bola Tinubu to examine methods to increase dollar liquidity on the official market, the acting central bank governor Folashodun Shonubi recently made a revelation that the bank will take actions that will have an impact on currency markets in the coming days.

Shonubi mentioned that the president was worried about the black market rate serving as a reference rate for domestic use and its influence on inflation, but made no specifications in terms of the steps that were going to be taken.

With his boldest reforms in decades, Tinubu went on to eliminate an expensive fuel subsidy and devalued the naira, sparking interest from foreign investors in the nation, which had been struggling with high inflation and skyrocketing debt-servicing costs.