Nigeria secures a $1.5bn loan from the UAE's First Abu Dhabi Bank, part of a $5bn facility, despite IMF and Fitch warnings about derivative financing risks

Nigeria draws $2B from a $5B total return swap facility with First Abu Dhabi Bank, using naira bonds as collateral. The IMF warns about derivatives opacity.

Nigeria secures a $1.5bn loan from the UAE's First Abu Dhabi Bank, part of a $5bn facility, despite IMF and Fitch warnings about derivative financing risks

Nume Ekeghe with agency reports

Despite warnings from the International Monetary Fund (IMF), Nigeria has moved forward with the United Arab Emirates (UAE) concerning a $5 billion loan deal