Report: Afreximbank approaches oil traders to finance $3bn loan to NNPC

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Afreximbank is approaching oil traders to finance a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is central to the country’s efforts to support the naira.

a $3 billion emergency crude repayment loan to support the naira and stabilise the foreign exchange market.on Wednesday, sources said Afreximbank approached traders in recent weeks seeking their interest in funding the oil-backed loan to NNPC.AdvertisementThe source, who could not be named because he was not authorised to speak publicly on the issue, added that oil prices climbing past $90 per barrel would help drive interest.

One of the sources told Reuters that traders who put up cash would be repaid in physical cargoes of oil.“The bank is working to determine how much oil to offer those traders in exchange for the financing,” Reuters said.that the petrol subsidy regime was over, tripling petrol prices across the country.the unification of all segments of the forex exchange market.

 

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