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From Uche Usim, Abuja
The federal government secured a reprieve for the tumbling naira on Wednesday, as the Nigerian National Petroleum Company Limited (NNPCL) Afreximbank 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 NNPCL support the federal government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
Naira in recent times crashed to an all-time low last week, hitting N950 on the parallel market, a development experts described as a death knell on the economy.
President Bola Ahmed Tinubu since his inauguration on May 29, has taken a cocktail of measures that have upset the economy in what analysts described as too many iron bars in the fire at the same time.
