The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan to support the naira and stabilize the foreign exchange market.
NNPC Limited reportedly secured the funding from the AFRIEXIM bank headquarters in Cairo.
In a statement on Wednesday released officially through its social media platforms, it wrote: “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.”
It is expected the loan would be channeled towards stabilization of the troubled naira especially since the Central Bank of Nigeria according to indexes seen by ENigeria Newspaper, lacks the needed firepower to back the naira in the forex market.
