Afreximbank Provides $3 Billion Loan to NNPC to Support Naira. The African Export-Import Bank (Afreximbank) has approved a $3 billion loan to the Nigerian National Petroleum Corporation (NNPC) to support the naira. The loan will be used to repay the NNPC’s crude oil debts and help stabilize the currency. The loan is expected to be a major boost for the Nigerian economy, which has been struggling with a decline in oil prices and a weak currency.
The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion 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.
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