National Wire About Nigerians, Nigerian Business and Other Stories
The Nigeria National Petroleum Corporation Limited (NNPC Ltd.) and
@afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan, a tweet on NNPC’s Twitter handle @nnpclimited
has reported.
The tweet on Wednesday further revealed that the signing took place in Cairo, Egypt.
“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 tweet reads.
There have been speculations across Nigeria of a possible increment in the pump price of petrol while the local currency, the Naira continue in a free fall against the US Dollar, which generated panic buying of petrol at the weekend.
The Nigerian Labour Congress immediately responded to the agitation of Nigerians that it would embark on an industrial action should there be any further hike in pump price of petrol.
Meanwhile the Presidency was swift to announce there would be no increment in the price of the product which every sector of the economy depends on.
Afrexim Bank, a Trade Finance Bank for Africa was established in October 1993 to finance and promote Intra and Extra-African Trade.
