Edited by Dayo Emmanuel
The Nigeria National Petroleum Corporation Limited
(NNPC Ltd.) has secured a $3bn loan to strengthen the local currency, the Naira.
A tweet on NNPCL handle @nnpclimited said the outfit and Afrexim Bank
have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
The tweet on Wednesday further revealed that the signing took place in Cairo, Egypt.
“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 tweet reads.
There have been speculations across Nigeria of a possible increment in the pump price of petrol which generated panic buying at the weekend.
The Nigerian Labour Congress immediately responded to the agitation of Nigerians that it would embark on an industrial action should there be any increase in pump price of petrol.
Meanwhile the Presidency was swift to announce there would be no increment in the price of the product which every sector of the economy depends on.
Afrexim Bank, a
Trade Finance Bank for Africa was established in October 1993 to finance and promote Intra and Extra-African Trade.