In a short statement disclosing the deal, the NNPC said the
commitment letter, which was signed at AFREXIM Bank’s headquarters in Cairo,
Egypt on Wednesday, will enable it to support the Federal Government in its
ongoing fiscal and monetary policy reforms aimed at stabilising the exchange
rate market.
The short statement reads, “The NNPC Ltd. and @afreximbank
have jointly signed a commitment letter and Termsheet for an emergency
$3billion 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.”
The NNPCL loan deal is coming after the acting Governor of
the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Monday promised that the apex bank will,
in the next few days, be taking steps to improve the liquidity in the foreign
exchange market.
Shonubi disclosed that he had met with President Bola
Tinubu, whom he said voiced his concern regarding developments in the market
and its impact on Nigerians.
The acting CBN governor shared his belief that the changes in the market are driven mostly by speculative demand and was confident that the steps that will be implemented soon will significantly impact the market.
The naira has hit a significant decline since the Tinubu
administration ended petrol subsidy and unified all segments of foreign
exchange market. The exchange of a dollar to naira has since risen from around
451 naira to a dollar to 785 naira.
President Tinubu had during his nationwide broadcast on July
31, said his government is monitoring the effects of exchange rates and
inflation in Premium Motor Spirit (PMS) aka petrol prices and will intervene
when necessary.
“We are also monitoring the effects of exchange rates and
inflation on gasoline prices. If and when necessary, we will intervene. I
assure you, my fellow countrymen and women, that we are exiting the darkness to
enter a new and glorious dawn,” Tinubu had said.
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