The Nigerian National Petroleum Company Limited (NNPCL) announced it has secured a $3 billion Emergency Crude Repayment Loan from the African Export-Import Bank (AFREXIMBANK) to assist the Federal Government with its ongoing monetary policy reforms aimed at the stabilizing the Naira at the exchange rate market. The company made this known on its official X (formerly Twitter) page, stating that a commitment letter and Term Sheet was jointly signed at the Bank’s Headquarters in Cairo, Egypt by the Group Chief Executive Officer of NNPCL, Mele Kolo Kyari and the Executive Vice President of AFREXIMBANK, George Elimbi.
This loan deal is coming after, the acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, disclosed on Monday that the apex bank would commence several initiative aimed at stabilizing the Naira.
The Naira depreciated on Friday to N950 to the dollar while on Wednesday, the Naira later bounced back and appreciated from N950 to N890 per dollar
More details later.
