As part of efforts to support the naira and stabilise it in the foreign exchange market, Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan for the purpose.
NNPC disclosed this in a terse statement on Wednesday.
According to the statement “The NNPC Ltd. and AfriEXIM 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.”