Forex Crisis: NNPCL Secures $3bn Loan To Stabilise Naira

The Nigerian National Petroleum Corporation Limited has obtained a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market, a terse statement posted on the official account of the company on X (formerly known as Twitter) announced on Wednesday.

According to the statement, the oil company secured the funding from the headquarters of the African Export-Import Bank in Cairo.

The statement read in part: “The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion 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 stabilising the exchange rate market,”.


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