NNPC Tells Nigerians to Get Ready for Stronger Naira, Cheap Fuel After Securing $3BN Emergency Loan
Updated Thursday, August 17, 2023
The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion loan from AfreximBank
The new loan will help strengthen the naira against the dollar and ultimately reduce the cost of petrol in the country
NNPC Limited has provided a breakdown explaining that the loan is simply an upfront cash loan against proceeds from future crude oil production
The Nigerian National Petroleum Corporation (NNPC) Limited has announced that it has successfully secured $3 billion in crude-for-cash funding from the African Export-Import Bank (Afreximbank).
NNPC hopes the loan will support the naira needs to stabilise against the dollar in the foreign exchange market, Punch reports.
Dr George Elimbi, executive vice president of Afreximbank and Mele Kolo Kyari, the group chief executive officer of NNPC Ltd. Photo credit: nnpclimited
Source: Facebook
NNPC Limited, in a statement, said:
“The $3 billion loan 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 stabilising the exchange rate market