The Nigerian National Petroleum Corporation (NNPC) Limited has successfully obtained a $3 billion crude oil repayment loan as the forex crisis continues to linger.
This strategic move is intended to bolster the national currency, the naira, and bring stability to the foreign exchange market.
In a short announcement made on Wednesday, NNPC stated that both entities have collaboratively executed a commitment letter and Termsheet pertaining to the $3 billion crude oil repayment loan.
BREAKING
Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank
The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
The signing, which took place… pic.twitter.com/KJBsVnZFkJ
— NNPC Limited (@nnpclimited) August 16, 2023
The signing ceremony took place at AFRIEXIM Bank’s main office in Cairo, Egypt. This accord is expected to facilitate immediate financial disbursements, empowering NNPC Limited to actively support the Federal Government’s ongoing fiscal and monetary reforms.
The statement reads, “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.
“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.”
These reforms are designed to achieve a stable and well-balanced exchange rate market, aligning with the government’s objectives.
