Nigerian National Petroleum Company (NNPC) Limited has moved swiftly to address the current forex crisis affecting the oil and gas sector.
In order to stabilize the nation’s exchange rates, the national oil company disclosed on Wednesday that it had obtained an urgent $3 billion loan for the repayment of crude oil.
According to Gistlover NNPCL announced on Twitter that it had received $3 billion from AFREXIM Bank, the continent’s trade finance institution.
According to the business, the funds will be used to raise the value of the naira on the global market.
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.