A $3 billion crude repayment loan has been secured by the Nigerian National Petroleum Corporation (NNPC) Limited, in order to support the naira and stabilize the foreign exchange market.

NNPC Limited secured the funding from the AFRIEXIM bank headquarters in Cairo.

“The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.

“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.”

More to follow…