Breaking: NNPC Gets $3bn Loan from Afreximbank to Stabilise FX Market

Emmanuel Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC) Wednesday announced that it had secured a $3 billion emergency loan from the African Export-Import Bank to stabilise the country’s foreign exchange market.

A brief statement from the national oil company stated that the formal event held in Cairo, Egypt, with both parties jointly signing a commitment letter and Termsheet for the emergency loan.

“This will provide some immediate disbursement that will enable the NNPC Limited to support the federal government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market,” the NNPC stated.

Details later…