The Nigerian National Petroleum Corporation, NNPC Limited has just confirmed a $3 billion-dollar crude repayment Credit to support the Nigerian currency, Naira and stabilise the foreign exchange (Forex) market.
NNPC Limited had secured the funding from the AFRIEXIM bank headquarters in Cairo, Egypt.
NNPC had in a terse statement it released on Wednesday, August 16, remarked that the NNPC Ltd and AfriEXIM bank had both signed a commitment letter and term sheet, to be able to take a 3 billion dollar crude oil repayment loan.
The signing of the signatures had occurred on Wednesday, at the bank’s headquarters in Cairo, Egypt, and this will enable some immediate disbursement of funds that will give the NNPC Ltd. the ability to support the Federal Government in its present fiscal and monetary policy reforms geared at stabilising the exchange rate market.
This is a developing story…..
