NNPC gets $3bn oil-for-cash facility to defend the naira freefall - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / NNPC gets $3bn oil-for-cash facility to defend the naira freefall (111 Views)
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| NNPC gets $3bn oil-for-cash facility to defend the naira freefall by QUICKLOANARENA: 5:20pm On Aug 16, 2023 |
The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC Limited secured the crude-for-cash funding from AFRIEXIM bank headquarters in Cairo, Egypt. The NNPC will repay the loan with crude oil at an interest rate between eight percent and 11 percent, TheCable understands. “The NNPC Ltd. and AfriEXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan,” NNPC said in a terse statement on Wednesday. READ ON https://www.veryserial.com/nnpc-gets-whopping-3bn-oil-for-cash-facility-to-defend-the-naira-freefall/
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| Re: NNPC gets $3bn oil-for-cash facility to defend the naira freefall by Bluntguy: 5:27pm On Aug 16, 2023 |
Tinubunomics Confusion everywhere |
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