The NNPC Limited and AfreximBank on Wednesday jointly signed a Commitment Letter and Term Sheet for an emergency $3 billion crude oil repayment loan.
NNPC in a statement said the loan will help relieve the pressure on the Naira. The local currency has fallen sharply in the past week as the country ran short of dollar revenues.
NNPC said the agreement was jointly signed by both parties at the bank’s headquarters in Cairo, Egypt.
NNPC Limited, explained that the loan “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”.
