NNPCL OBTAINS A $3 BILLION LOAN TO STABILIZE THE NIGERIAN NAIRA.

Tunji Wusu –

The Nigerian National Petroleum Company (NNPC) Limited has been granted a $3 billion Emergency Crude Repayment Loan by the African Export-Import Bank (AFREXIM).

The NNPC said in a brief statement that the commitment letter, signed on Wednesday at AFREXIM Bank’s headquarters in Cairo, Egypt, will allow it to support the Federal Government’s ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.

“The NNPC Ltd. and afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” according to the brief announcement.

The signing, which took place today at the bank’s headquarters in Cairo, Egypt, will allow the NNPC Ltd to support the Federal Government in its continuing fiscal and monetary policy measures aimed at stabilizing the exchange rate market.”