NNPCL Secures $3bn Loan To Stabilize Naira

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To stabilise the naira in the foreign exchange market, the Nigerian National Petroleum Corporation Limited (NNPCL), has secured a $3 billion crude repayment loan.

The company secured the loan from the AFRIEXIM bank headquarters in Cairo.

In a statement by NNPCL on Wednesday on its X account “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Terms sheet for an emergency $3 billion crude oil repayment loan.”

“The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.”

[SA]