The Nigerian National Petroleum Company (NNPC) Limited has obtained a $3 billion Emergency Crude Repayment Loan from Short-Import Bank (AFREXIM Bank).

 In a concise announcement, NNPC revealed that the commitment letter for the loan was executed at the headquarters of AFREXIM Bank in Cairo, Egypt. This strategic move is intended to support the Federal Government's ongoing fiscal and monetary reforms, focusing on stabilising the exchange rate market.

This development follows closely after the acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, affirmed the CBN's plans to enhance liquidity in the foreign exchange market. Shonubi shared that he had engaged in discussions with President Tinubu, who expressed concerns about market dynamics and their repercussions on the populace.

Shonubi emphasised that the fluctuations in the market are largely fueled by speculative demand. He expressed confidence that the imminent measures to be enacted by the CBN will substantially impact the market.

In his nationwide address on July 31, President Tinubu stated that his administration is diligently monitoring the effects of exchange rates and inflation on Premium Motor Spirit (PMS) prices (commonly known as petrol). He assured that interventions would be made when deemed necessary.