The Nigerian National Petroleum Company Limited (NNPCL) and the African Export-Import Bank (Afreximbank) have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan.
This was disclosed on Wednesday via the NNPCL official twitter handle. It was titled: Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank The NNPC Ltd.
It said: “The Nigerian National Petroleum Company (NNPC) Limited and the African Export-Import Bank (Afreximbank) have jointly signed a commitment letter and Termsheet for an emergency $ 3 billion crude oil repayment loan.
“The signing, which took place today at Afreximbank’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.”
