• Wednesday, December 06, 2023
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NNPCL secures $3bn loan from AfreximBank

Eight things to know about NNPC, Afreximbank $3bn  loan deal

NNPCL says it has receives a $3 billion emergency crude repayment loan from AFREXIM Bank with the aim of providing relief for the naira.

The company made this known on the NNPCL official X page on Wednesday.

An emergency $3 billion crude oil repayment loan commitment letter and term sheet have been executed by the NNPCL and AfreximBank, the tweet said.

Read also: Diesel price hike further strains Nigerian firms

The signing took place on Wednesday at the bank’s head office in Cairo, Egypt. The tweet stated that this will allow the NNPC Ltd. to support the Federal Government in its continuing reforms to fiscal and monetary policy with the goal of stabilising the exchange rate market.