Nigeria's NNPC secures $3 billion loan to stabilize FX market

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Nigeria's state-oil firm NNPC said on Wednesday it has secured a $3 billion crude oil repayment loan from Cairo-based Afrexim Bank that will support the government's reforms to stabilize the exchange rate market.

A commitment letter and termsheet was signed on Wednesday for an emergency $3 billion crude oil repayment loan, the state-oil firm posted on X, formerly known as Twitter.

Africa's largest economy has been looking to shore up its reserves and stem the fall of its currency, which has hit record lows on the black market two months after trading restrictions were loosened on the official market.impact currency markets

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