NNPC gets $3bn loan to stabilise naira

The NNPC Ltd has secured an emergency $3bn crude oil repayment loan to stabilise the naira.

The loan jointly signed by NNPC and Afrexim bank in Cairo, Egypt is expected to help the Federal Government stabilise the naira.

Announcing the signing on its twitter handle, NNPC says the signing will provide immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms.

Meanwhile, the naira on Wednesday appreciated against the dollar for the second consecutive day.

Reports from Bureau de Change Operators in Abuja indicated that the Naira exchanged for between 750 and 790 to a dollar.

This was against the 935 and 920 it exchanged for on Monday and Tuesday.

The CBN had in June implemented an harmonization of exchange rates with a view to restore efficiency to the forex market.

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