NNPCL secures $3 billion Afrexim Bank Loan to stabilise FX rates

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.

A statement by the NNPCL said the signing took place Wednesday 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 statement reads:

The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion 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.