The naira experienced a positive development on Wednesday after the Nigerian National Petroleum Company Limited (NNPLC) secured an emergency $3bn crude oil repayment loan from Afrexim Bank.
According to a brief statement from the NNPCL, the signing was conducted in the bank’s headquarters in Cairo, Egypt.
The loan will offer immediate disbursement to support the NNPCL in aiding the Federal Government’s efforts to stabilize the foreign exchange market through fiscal and monetary policy reforms.
NNPCL noted that “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 stabilizing the exchange rate market.”
President Bola Ahmed Tinubu had pledged to take steps to address the forex challenge in the country.
He assured that these measures will effectively control the surging exchange rate, safeguarding the petrol prices.
As of Tuesday, the naira had appreciated by N55 to $1 at the parallel market.
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