Our reporter/ The Nigeria National Petroleum Company Ltd and Afreximbank have jointly signed a commitment letter and termsheet for an emergency $3 billion crude oil repayment loan.
In a statement on Wednesday, NNPCL said the signing took place at the bank’s headquarters in Cairo, Egypt.
The facility 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.
The loan is also expected to help stabilise the foreign exchange market, enable authorities to meet forex demand, and improve the value of the Nigerian currency.
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