The Nigerian National Petroleum Corporation (NNPC) Limited said it had secured a $3 billion crude repayment loan to halt the further slump of Naira against the Dollar at the foreign exchange market.
The company disclosed this on Wednesday through its official X, former Twitter handle.
NNPC Limited and Afreximbank sealed the funding deal at the bank’s headquarters in Cairo.
“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 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.”
Naira slightly appreciated against the Dollar after the Acting Central Bank Governor, Folasodun Sonubi, threatened to sanction forex speculators.