The Nigerian National Petroleum Company Limited (NNPLC) on Wednesday secured an emergency $3bn crude oil repayment loan from Afrexim Bank.
Daily Report Nigeria reports that the NNPCL in a brief said the signing was conducted in the bank’s headquarters in Cairo, Egypt.
The loan will support the NNPCL in aiding the Federal Government’s efforts to stabilize the foreign exchange market through fiscal and monetary policy reforms.
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The statement read in part;
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“NNPC Ltd and Afrexim Bank have jointly signed a commitment letter and Termsheet 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.”
Meanwhile, President Bola Ahmed Tinubu has pledged to take drastic steps to address the forex challenge in the within the shortest time frame.
As of Tuesday August 15, the Naira traded 790 against the US Dollar.
