Amidst the ongoing forex crisis impacting the oil and gas industry, the Nigerian National Petroleum Corporation (NNPC) Limited has taken swift action.
In an effort to restore stability to the country’s exchange rates, the national oil company revealed its acquisition of a critical $3 billion loan for the purpose of repaying crude oil.
As reported by Gistlover, NNPC announced via Twitter that it had secured a substantial $3 billion from AFREXIM Bank, a notable trade finance institution on the continent.
The primary intention behind these funds is to enhance the global market value of the Nigerian Naira.
NNPCL wrote, “Relief For The Naira: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank.
“The NNPC Ltd. and @afreximbank have jointly signed a commitment letter and Termsheet 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.”
On Sunday, oil merchants said that if the dollar stays in the N910 to N950 range at the parallel market, gasoline might retail for between N680 and N720 per liter in the coming weeks.