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NNPCL secures $3b loan from AFRIEXIM Bank to help stabilize foreign exchange

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The Nigerian National Petroleum Corporation Limited—NNPCL said it has secured a $3 billion crude repayment loan.

The loan which was provided by AFRIEXIM according to NNPCL, will help support the naira and maintain the stability of the foreign exchange market.

A statement by NNPCL said, “The NNPC Ltd. and AFRIEXIM bank have jointly signed a commitment letter and Term sheet 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.”

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