NNPCL secures $3bn loan to stabilise naira
The Nigerian National Petroleum Company (NNPC) Limited has secured a $3 billion Emergency Crude Repayment Loan from African Export-Import Bank (AFREXIM) Bank.
In a statement late Wednesday, the state oil company NNPC limited said the “NNPC and Afrexim Bank have jointly signed a commitment letter and termsheet for an emergency $3bn 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,” it added.
The PUNCH reports that the move followed the announcement by the Central Bank of Nigeria that it had secured the President’s directive to stabilise the Naira.
The Acting Governor of the apex bank, Folashodun Shonubi in an interview with State House reporters had said the volatility of the naira in the parallel market was not solely driven by economic factors, but also speculative demand.
