The Nigerian National Petroleum Corporation Limited NNPCL has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market.
This is contained in a terse statement posted on the official account of the oil giant on its official X (formerly known as Twitter) account Wednesday.
The statement noted that the oil company has secured the funding from the headquarters of the African Export-Import Bank in Cairo.
The statement read: “The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Term sheet for an emergency $3 billion crude oil repayment loan,” NNPCL said in a terse statement on Wednesday.
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“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 latest move might be unconnected with the announcement by the Central Bank of Nigeria CBN disclosing that it had secured the President’s directive to stabilise the Naira.
CBN Acting Governor Folashodun Shonubi said during an interview with the State House Correspondents said the volatility of the naira in the parallel market was not solely driven by economic factors, but also speculative demand.
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