Nigeria’s National Oil Company, NNPCL, Accesses N3bn AFRIEXIM Bank Loan To Stabilize Currency, Forex

The New Diplomat
Writer
Nigeria's National Oil Company, NNPCL, Accesses N3bn AFRIEXIM Bank Loan To Stabilize Currency, Forex

Ad

What weapons China put on display at its military parade

Chinese President Xi Jinping oversaw a massed military parade in central Beijing on Wednesday to mark the 80th anniversary of the end of World War Two. Here are some of the weapons China's People's Liberation Army put on rare public display in a show of its growing prowess and ability to project power far from…

Trump accuses Xi of conspiring against US with Putin and Kim

US President Donald Trump has accused Chinese counterpart Xi Jinping of conspiring against the US with the leaders of Russia and North Korea. Trump's comments came as China hosted world leaders at its largest-ever Victory Day parade in Beijing on Wednesday - a showcase of China's military might. In a post on Truth Social, Trump…

Oil Prices Hold Steady After U.S. Sanctions on Iranian Crude Scheme

Crude oil prices stabilized today after inching up on Tuesday following the news of new U.S. sanctions on people involved in exporting Iranian crude disguised as Iraqi crude. At the time of writing, Brent crude was trading at $68.93 per barrel and West Texas Intermediate was trading at $65.42 per barrel, both slightly down from opening. On Tuesday, the…

Ad

By Ishola Kayode

The Nigerian National Petroleum Corporation (NNPC) Limited has accessed a $3 billion crude repayment loan from AFRIEXIM Bank to support the naira and stabilise the foreign exchange market.

In a statement on Wednesday, the NNPCL said: “The NNPC Ltd. and AfriEXIM 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.”

The AFRIEXIM Bank is headquartered in Cairo, Egypt.

Details later…

Nigeria's National Oil Company, NNPCL, Accesses N3bn AFRIEXIM Bank Loan To Stabilize Currency, Forex

Ad

X whatsapp