Nigerian National Petroleum Corporation, NNPC Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market.
NNPC Limited secured the crude-for-cash funding from AFRIEXIM bank headquarters in Cairo, Egypt.
In a statement today, the NNPC Ltd said it had jointly signed a commitment letter and Termsheet with AfriEXIM bank for an emergency $3 billion crude oil repayment loan.
It explained that 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
