Breaking: NNPC secures $3bn loan to rescue naira

The Nigerian National Petroleum Corporation (NNPC) Limited has signed a $3 billion crude repayment loan with the AFRIEXIM bank.

The loan will go into supporting the naira and stabilise the foreign exchange market.

A statement from the company on Wednesday read: “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet 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 stabilising the exchange rate market.”

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