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| L-R: DR. GEORGE ELIMBI, EXECUTIVE VICE PRESIDENT, AFREXIMBANK AND MELE KOLO KYARI, OFR, GROUP CHIEF EXECUTIVE OFFICER, NNPC LTD. |
The NNPC Ltd and AFREXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
The signing, which took place today at the bank's headquarters in Cairo, Egypt, 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.
Let's hope this will indeed be a game changer for the dwindling Naira.
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