The Nigerian National Petroleum Corporation (NNPCL) today announced the signing of a pact for an emergency $3 billion crude oil repayment loan with the Cairo-based African Export and Import Bank (Afreximbank).
The facility, the state oil company said via its official X (formerly Twitter) account, would help the Nigerian government stabilize the foreign exchange market as well as provide a reprieve for the local currency.
It said: “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.”
