The Nigerian National Petroleum Corporation Limited has on Wednesday released a statement on its official account on X ( formerly known as Twitter) saying they have secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market.

The statement noted that the oil company secured the funding from the headquarters of the African Export-Import Bank in Cairo.

They further stated that The NNPC Ltd. and AFREXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3 billion crude oil repayment loan. The signing, which took place on Wednesday 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 stabilising the exchange rate market.