 Limited has secured a $3 billion crude repayment loan from African Export-Import Bank (AFREXIM) Bank to support the naira){kind=link}
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The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan rom African Export-Import Bank (AFREXIM) Bank to support the naira and stabilise the foreign exchange market.
NNPC Limited secured the funding from the AFREXIM bank headquarters in Cairo.
“The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Term-sheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.
“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.”