In what appears to be a fulfilment of the federal government’s promise to reverse the sliding trend of the naira,the Nigerian National Petroleum Corporation (NNPCL) Limited has secured a $3 billion crude repayment loan to support the local currency and stabilise the foreign exchange market.
. The NNPC made this known in a statement on Wednesday .
The statement said;
“The NNPC Ltd. and AfriEXIM bank 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 Monday, President Bola Tinubu met with Mr Folashodun Shonubi the Acting governor of the Central Bank of Nigeria ( CBN) over the free fall of the naira and called for emergency on the situation.
Shonubi afterwards, disclosed to journalists that measures would be put in place to stabilise the naira while assuring that those behind the downward slide of the currency would incur great losses.
The threat by the CBN boss gave the naira a leap 24 hours later as it made a N50 gain exchanging for N890-N900 -$1 against the previous day N950.
