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NNPCL Secures $3bn Loan to Stop Naira Free Fall

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Nigeria has secured a 3-billion-dollar loan from the AFREXIM Bank to help it stabilise the exchange rate market.

The Nigeria National Petroleum Company Limited made the announcement a short while ago adding that it signed the deal in Cairo, Egypt today, Wednesday.

NNPCL in a statement noted that the loan "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.”

Recall that on Monday, President Bola Tinubu met with the acting Central Bank of Nigeria (CBN) governor, Folashodun Shonubi, who revealed that the apex bank will roll out plans aimed at stabilising the free fall of the naira.


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