Nigeria has received $3.4bn emergency financial assistance from the International Monetary Fund.

The Federal Government said it will use the funds ‎to address challenges arising from the economic impact of the COVID -19 in the country.

The IMF Managing Director, Kristalina Georgieva, told CNBC Africa on Tuesday that the $3.4bn had been credited to the account of the Central Bank of Nigeria.

She also said that Nigeria had met and exceeded the safeguards for the disbursement of the funds.

“We have already disbursed. In emergency assistance, the board approves, we disburse within days to the country and it goes to their central bank in dollars before it gets converted into naira in the case of Nigeria.

“The conditions are quite favourable.

“Repayment period is five years, up to two and half years is grace period and the interest on the loan is one per cent,” she said.

Georgieva, in the same vein, said IMF will continue to support Nigeria and other member countries.

“We have put in place policy tracking action, and we are seeing progress each country is making.

“The IMF will continue to support countries and shield them from catastrophic implications of the COVID-19 crisis,” she said.