BREAKING: NNPCL Secures $3bn Loan To Stabilise Naira (DETAILS)

BREAKING: NNPCL Secures $3bn Loan To Stabilise Naira (DETAILS)

The Nigerian National Petroleum Corporation (NNPC) Limited has successfully secured a $3 billion Emergency Crude Repayment Loan from the African Export-Import Bank (AFREXIM) Bank.

In a concise announcement revealing the agreement, NNPC stated that the commitment letter was signed at AFREXIM Bank’s headquarters in Cairo, Egypt, on Wednesday.

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The loan will serve to assist the Federal Government’s current fiscal and monetary policy reforms, particularly in stabilizing the exchange rate market.

The brief statement reads, “NNPC Ltd. and @afreximbank have jointly executed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan. The signing, which occurred today at the bank’s headquarters in Cairo, Egypt, will facilitate immediate disbursements to support NNPC Ltd. in its collaboration with the Federal Government’s ongoing fiscal and monetary policy reforms, aimed at achieving stability in the exchange rate market.”