Punch newspaper has reported that $1 billion has been approved by the Export-Import Bank of the United States (Exim) to support loan guarantees covering 14 Nigerian banks. This facility has been set up to support the reforms undertaken by the Central Bank of Nigeria to strengthen the financial system in the country.

The U.S. bank had exposure to four of the lenders bailed out by the central bank after its audit, the newspaper said. The banks are Afribank Plc, Intercontinental Bank Plc, Oceanic Bank International Plc, and Union Bank of Nigeria Plc.

Reported by Bloomberg