The Nigerian National Petroleum Company Limited (NNPCL) has confirmed receipt of a $3 billion emergency crude repayment loan from AFREXIM Bank with a view to provide relief for the Naira.
The company made this known on the NNPCL official X page on Wednesday.
An emergency $3 billion crude oil repayment loan commitment letter and term sheet have been executed by the NNPCL and AfreximBank, the tweet said.
The signing took place on Wednesday at the bank’s head office in Cairo, Egypt. The tweet stated that this will allow the NNPC Ltd. to support the Federal Government in its continuing reforms to fiscal and monetary policy with the goal of stabilising the exchange rate market.