BREAKING: #Dollar To Crash Further As #NNPC Gets $3bn #Afreximbank’s Loan To Stabilise Naira—-The Nigerian National Petroleum Corporation (NNPC) Limited said it had secured a $3 billion crude repayment loan to halt the further slump of Naira against the Dollar at the foreign exchange.
The company disclosed this on Wednesday through its official X, former Twitter handle.
NNPC Limited and Afreximbank sealed the funding deal at the bank’s headquarters in Cairo.
“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.”
BREAKING
— NNPC Limited (@nnpclimited) August 16, 2023
Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank
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… pic.twitter.com/KJBsVnZFkJ
TGM recalls that Naira slightly appreciated against the Dollar after the Acting Central Bank Governor, Folasodun Sonubi, threatened to sanction forex speculators.nullnull
