According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.
The Nigerian National Petroleum Company (NNPC) Limited has said it has secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates.
The company said this in a tweet on Wednesday, adding that the $3 billion is from AFREXIM Bank, the trade finance bank for Africa.
According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.
The company wrote: “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 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.”