Following the current forex crisis in the oil and gas industry, the Nigerian National Petroleum Company Limited has taken an urgent step to arrest the situation.
The national oil company on Wednesday disclosed that it had secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates.
NNPCL made the announcement on Wednesday via its X handle, stating that it had secured $3 billion from AFREXIM Bank.
According to the company, the money will be used to increase the value of the naira at the international market.
It 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.”
Association of oil marketers had on Sunday hinted that fuel price might rise between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.
Although, the NNPCL and Federal Government have issued releases stating that the price of fuel will not be increased any further.
