February 8, 2025

NNPC secures S$3bn loan to stabilise the naira

The Nigerian National Petroleum Corporation Limited has joined the move to stabilize the Nigerian currency which has refused to float since the Federal Government Unified all FX Windows.

Now, the Company has secured a $3 billion crude repayment loan to that effect from the AFRIEXIM bank headquarters in Cairo, Egypt.


“The NNPC Ltd disclosed this in a terse statement on Wednesday.

“The signing of the Memorandum of Understanding took place at the bank’s headquarters in Cairo, and the partnership will provide some immediate disbursement that will enable the NNPC Limited to support the Federal Government of Nigeria in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.