According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.
The Nigerian National Petroleum Company Limited has said it has secured an emergency $3 billion crude oil repayment loan to stabilise the country’s exchange rates. The company said this in a tweet on Wednesday, adding that the $3 billion is from AFREXIM Bank, the trade finance bank for Africa. According to NNPCL, the money will be used to increase the value of the country’s currency, naira, at the international market.
SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigerian Government To Sell Stakes In 20 State Companies Including Petroleum Company, NNPCL To InvestorsFollowing the economic crunch facing the Nigerian Government, the country is reportedly considering selling stakes in about 20 state-run companies in a bid to raise funds and improve governance at the entities. These sales may be part of President Bola Tinubu’s plan to reform the country’s economy.
Source: SaharaReporters - 🏆 9. / 63 Read more »