In what appears like a boost for the naira, the Nigerian National Petroleum Company (NNPC) Limited and the African Export-Import Bank (Afreximbank) have jointly signed a commitment letter and Termsheet for an emergency $ 3 billion crude oil repayment loan.
The signing, which took place today at Afreximbank’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.
This disclosure is contained in a statement issued by NNPC on Wednesday, August 16, 2023, and can be seen on its official Twitter account.
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