Nigerian National Petroleum Corporation Limited (NNPCL) has secured a $3 billion to stabilise the naira.
The Naira crashed to all-time low last week, reaching N950 at the parallel market.
But on Wednesday, the oil firm signed a commitment letter and term sheet with the Afrexim Bank for an emergency $3bn crude oil repayment loan.
A statement from the corporation stated that the deal was sealed at the bank’s headquarters in Cairo, Egypt.
According to the statement, “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Term sheet 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 stabilizing the exchange rate market.”
Details later…