By Adedapo Adesanya Nigeria has received the $3.4 billion emergency loan from the International Monetary Fund (IMF). IMF Managing Director, Ms Kristalina Georgieva, confirmed to CNBC Africa in an interview that the $3.4 billion loan had been credited to the account of the Central Bank of Nigeria (CBN). The funds had been approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, \u200eto address challenges arising from the economic impact of the COVID -19 pandemic the country. Ms Georgieva also called on the Federal Government of Nigeria to be transparent and account for every single kobo of the fund. \u200eThe federal government had assured that it will publicise all disbursements from the funds, adding that there are plans to conduct an independent audit of all emergency expenditure at the end of the pandemic. The Nigerian government also agreed to allow the IMF to conduct a due diligence exercise on the CBN, these will be done in line with the Fund\u2019s safeguards assessment \u200eprogram. According to the IMF chief, the money was sent to the CBN\u2019s account in dollars, after which it would be converted to naira. \u201cWe 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. \u201cThe conditions are quite favourable and repayment period is five years, up to two and half years is grace period and the interest on the loan is one percent,\u201d she said. Ms Georgieva assured that the IMF will continue to support Nigeria and other member countries. \u201cWe have put in place policy tracking action, and we are seeing progress each country is making. \u201cThe IMF will continue to support countries and shield them from catastrophic implications of the COVID-19 crisis,\u201d she added.