NNPCL Obtains $3bn Emergency Loan To ‘Stabilise Naira’

Eko Hot Blog reports that the Nigerian National Petroleum Corporation Limited (NNPCL) says it has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange (Forex) market.

The corporation made the disclosure in a terse statement posted on the official account of the company on X (formerly known as Twitter) on Wednesday.

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NNPC Ltd revealed that it obtained the loan from AFREXIM Bank.

Both companies jointly signed a commitment letter and termsheet for an emergency $3billion crude oil repayment loan in Cairo, Egypt, on Wednesday.

L-R: Dr. George Elimbi, Executive Vice President,
AFREXIMBank and Mele Kolo Kyari, the Group Managing Director, NNPCL

Dr. George Elimbi, Executive Vice President of the AFREXIM Bank and Mele Kolo Kyari, the Group Managing Director of the NNPCL signed the agreement on behalf of their organisations.

“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,” NNPCL said.

The move followed the announcement by the Central Bank of Nigeria (CBN) that it had received President Bola Tinubu’s directive to stabilise the naira.

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The Acting Governor of the apex bank, Folashodun Shonubi, told State House reporters the volatility of the naira in the parallel market was not solely driven by economic factors, but also speculative demand.

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