In order to support the Naira and maintain the stability of the foreign exchange market, the Nigerian National Petroleum Corporation (NNPC) Limited has obtained an urgent $3 billion loan for the repayment of crude.
This comes after the Naira last week hit an all-time low, reaching N950 on the black market.
The NNPC has now disclosed that it has signed an agreement with Afrexim Bank for an urgent $3 billion loan for the repayment of crude oil as well as a commitment letter and term sheet. In Cairo, Egypt’s bank headquarters, the agreement was signed.
It said;.
The NNPC Ltd. A commitment letter and term sheet for an urgent $3 billion loan for the repayment of crude oil have been signed by and AfriEXIM bank.
“The signing, which took place today at the bank’s head office in Cairo, Egypt, will enable the NNPC Ltd. to receive some immediate disbursement. to aid the federal government in its ongoing monetary and fiscal reforms aimed at stabilizing the exchange rate market. “.
This is anticipated to prevent Nigeria from requesting loans from the International Monetary Fund (IMF) and provide relief for the local currency, which has declined significantly in value relative to the dollar over the past week.
