August 16, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) Limited says it has secured a $3 billion emergency crude repayment loan to support the Naira and stabilise the foreign exchange market.
The Corporation, in a statement on its X handle (formerly known as Twitter), said the loan is meant to provide some immediate disbursement that will enable to “support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.”
THEWILL reports that the NNPC Limited and Afrexim bank jointly signed the commitment letter and Termsheet for the emergency $3 billion crude oil repayment loan on Wednesday.
The statement titled “Relief For The Naira: NNPC Ltd Secures $3 billion Emergency Crude Repayment Loan from AFREXIM Bank” reads: “The 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 stabilising the exchange rate market.”
