In bid to stabilize the Naira against the dollars the Nigerian National Petroleum Company (NNPC) Limited on Tuesday announced it signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan with Afrexim Bank.
In a short statement by sent to journalists in Abuja by the management of NNPCL, the national oil company described the deal as emergency crude repayment loan from AFREXIM Bank, stressing that it would provide relief for the Naira.
The NNPCL also said the deal 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.
The statement reads: “Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank
“The NNPC Ltd. and Afrexim Bank 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”.
