Nigerian National Petroleum Company Limited has secured a $3 billion crude repayment loan to stabilize the Naira.
According to a tweet on its verified Twitter handle, the funding will support the naira and stabilize the foreign exchange market.
The statement read, “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Term sheet 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.”
