Connect with us

    Hi, what are you looking for?

    Oil and Gas

    NNPC secures $3bn oil-for-cash loan to stabilise the Naira

    NNPC

    Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion emergency crude repayment loan to support the Naira and stabilise the foreign exchange market.

    This is coming after the Naira crashed to an all-time low last week, reaching N950 at the parallel market.

    The NNPC has now announced that it signed a commitment letter and term sheet with Afrexim Bank for an emergency $3bn crude oil repayment loan. The deal was sealed at the bank’s headquarters in Cairo, Egypt.

    The statement read; “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Term sheet 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 stabilizing the exchange rate market.”

    It is expected that this would save Nigeria from approaching the International Monetary Fund (IMF) for loans, and bring respite to the local currency, which has depreciated significantly against the dollar over the past week.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    E-Financial

    Central Bank of Nigeria (CBN) has raised alarm over the rising costs of printing and replacing banknotes, warning that widespread abuse of the naira...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    Tech

    Countries in Africa experienced over 190 internet shutdowns between 2016 and 2024, new research reveals today. The number of internet shutdowns across the continent...