Naira Appreciates Against Dollar As NNPC Secures $3bn Loan
The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market.
NNPC Limited secured funding from the AFRIEXIM bank headquarters in Cairo.
“The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday.
“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.”
The loan has led to a sharp drop in the value of the dollar against the Naira as it traded at N780 against N920 last week.
The CBN had said that speculators are behind the drop in the value of the naira and had vow to introduce measures to shore up the value of the local naira.
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