The Board of the International Monetary Fund IMF has approved Nigeria’s $3.4 billion Dollar loan request to support Nigeria in the fight against Covid19.

According to the IMF the assistance, facilitated via the Rapid Financing Instrument (RFI), will help limit the decline in Nigeria’s international reserves.

It will also help to provide financing for the country’s budget, which has been severely affected by falling oil prices caused  by the pandemic and price wars.

This is the highest emergency financial  assistance by any member country so far.