Nigeria Approves $4.5bn Refinancing Deal to Support Naira
Nigeria’s National Economic Council approved a $4.5bn crude oil-backed loan refinancing deal to defend the naira. The new credit package replaces the $3.3bn pre-export finance deal from 2023 under Project Gazelle. The transaction allocates $1.5bn to settle existing obligations from the previous agreement. The central bank receives the remaining $3bn directly to rebuild national external…