August 16, 2023

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

The New Diplomat

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

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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

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