JUST IN : Forex Crisis: NNPCL Secures $3bn Loan To Stabilise Naira

The Nigerian National Petroleum Corporation Limited (NNPCL) has secured a $3 billion to stabilise the naira.

The Nigerian currency crashed to all-time low last week, reaching N950 at the parallel market.

But on Wednesday, the oil firm signed a commitment letter and term sheet with the Afrexim Bank for an emergency $3bn crude oil repayment loan.

According to a statement from the corporation, the deal was sealed at the bank’s headquarters in Cairo, Egypt.

“The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Term sheet for an emergency $3 billion 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.”