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The Nigerian National Petroleum Corporation (NNPC) Limited says it has secured a $3 billion crude repayment loan to support the Naira and provide stability for the foreign exchange market.
TheNewsGuru.com (TNG) reports NNPC Limited and Afrexim bank jointly signed the commitment letter and Termsheet for the emergency $3 billion crude oil repayment loan on Wednesday.
According to a statement shared by NNPC Limited via social media, this is to “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”.
The statement titled: “Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank” reads in full below:
“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 stabilizing the exchange rate market”.