“The Nigerian National Petroleum Corporation Limited (NNPCL) has successfully obtained a $3 billion loan, dedicated to repaying crude oil, with the primary objective of supporting the stability of the naira and the foreign exchange market. A succinct statement, shared via the official X account (formerly known as Twitter) of the corporation on Wednesday, revealed this development.
The statement highlighted that the oil company secured this financial support from the headquarters of the African Export-Import Bank situated in Cairo.
“In a brief statement issued on Wednesday, NNPCL conveyed, ‘NNPC Ltd. and AFREXIM bank have jointly formalized a commitment letter and Termsheet for an urgent $3 billion crude oil repayment loan.’
This signing ceremony, which occurred at the bank’s headquarters in Cairo, Egypt, will facilitate immediate disbursement. This disbursement is anticipated to empower NNPC Ltd. to contribute to the Federal Government’s ongoing fiscal and monetary reforms, which are aimed at stabilizing the exchange rate market,” the statement added.
According to The PUNCH, this decision was prompted by the Central Bank of Nigeria’s announcement that it had received the President’s directive to ensure the stability of the Naira.
The Acting Governor of the central bank, Folashodun Shonubi, shared during an interview with State House reporters that the fluctuation of the Naira in the parallel market was not solely influenced by economic factors, but also by speculative demand.”
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