Nigerian National Petroleum Company Secures $3 Billion Loan from Afrexim Bank for Crude Oil Repayment.
Cairo, Egypt — In a move that offers respite to the Nigerian Naira, the Nigerian National Petroleum Company Limited (NNPCL) has inked a significant commitment by signing a term sheet with the Afrexim Bank for an emergency $3 billion crude oil repayment loan. The signing ceremony took place at the bank’s headquarters in Cairo, Egypt, as confirmed by a concise statement from the NNPCL.
The emergency loan is set to provide immediate disbursement, bolstering the NNPCL’s capacity to support the Federal Government’s ongoing fiscal and monetary policy reforms geared toward stabilizing the foreign exchange market.
In a joint statement, the NNPC Ltd and Afrexim Bank revealed that the commitment letter and term sheet were officially signed at the bank’s Cairo headquarters. This financial move aims to bolster the NNPC Ltd’s ability to contribute to the Federal Government’s efforts in bringing stability to the exchange rate market.
The announcement comes in the wake of President Bola Ahmed Tinubu’s pledge earlier this week to address the persistent forex challenge in the country. President Tinubu assured the public that his proposed measures would counteract the soaring exchange rate, thereby safeguarding the price of the Premium Motor Spirit (PMS).
While analysts and stakeholders had been anticipating a further dip in the Naira’s value on the foreign exchange market, President Tinubu remained steadfast in his assertion that his policy interventions would provide relief. The most recent data reveals that as of Tuesday, the Naira experienced an appreciative surge by N55 against the US dollar in the parallel market.
The freshly secured loan, along with President Tinubu’s proposed initiatives, is expected to fortify the Nigerian currency and contribute to the overarching goal of stabilizing the nation’s economic landscape.
Additional details are expected to be released shortly, shedding more light on the specifics of this crucial financial agreement and its potential implications for Nigeria’s economic trajectory.
That is all for now on ” NNPCL secures $3b emergency loan to strengthen the naira”
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