The loan would be used to address foreign exchange demand and the continued weakness of the naira, which has been devalued by the Central Bank of Nigeria following increasing pressure on the local currency largely precipitated by a fall in oil prices.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who spoke in an interview in Abuja on Wednesday, March 25, on efforts to address the foreign exchange challenges, the value of the naira and the 2015 budget, said that the federal government has entered negotiations with international financial institutions.

“You know they have some resources for us already programmed, which is in the borrowing plan. We have asked them to turn these resources into budget support for us. We are negotiating for $2 billion that will come in foreign exchange.

“We will use it to get the naira equivalent given to us by the central bank. It will come in two tranches. It will bring in the needed foreign exchange that will help our private sector people to have access to foreign exchange, so it will alleviate the situation,” she said.