The Nigerian National Petroleum Company (NNPC) Limited has announced that it has acquired a $3 billion emergency crude oil repayment loan to help stabilize the country’s exchange rates.
The corporation announced this in a tweet on Wednesday, saying that the $3 billion comes from AFREXIM Bank, Africa’s trade finance bank.
According to NNPCL, the funds will be utilized to boost the international value of the country’s currency, the naira.
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 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.