Business

NNPCL Secures $3bn Loan To Stabilise Naira

Published

3 years ago

August 17, 2023

544 Views

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

In a short statement disclosing the deal, the NNPC said the commitment letter, which was signed at AFREXIM Bank’s headquarters in Cairo, Egypt on Wednesday, will enable it to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market.

The short statement reads, “The NNPC Ltd. and @afreximbank 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.”

The NNPCL loan deal is coming after the acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, on Monday promised that the apex bank will, in the next few days, be taking steps to improve the liquidity in the foreign exchange market.

Shonubi disclosed that he had met with President Bola Tinubu, whom he said voiced his concern regarding developments in the market and its impact on Nigerians.

The acting CBN governor shared his belief that the changes in the market are driven mostly by speculative demand and was confident that the steps that will be implemented soon will significantly impact the market.

The naira has hit a significant decline since the Tinubu administration ended petrol subsidy and unified all segments of foreign exchange market. The exchange of a dollar to naira has since risen from around 451 naira to a dollar to 785 naira.

President Tinubu had during his nationwide broadcast on July 31, said his government is monitoring the effects of exchange rates and inflation in Premium Motor Spirit (PMS) aka petrol prices and will intervene when necessary.

“We are also monitoring the effects of exchange rates and inflation on gasoline prices. If and when necessary, we will intervene. I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn,” Tinubu had said.

Related Topics:Loan NNPCL Stabilise Naira

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Naira Exchange Rates Friday, October 16

Published

5 hours ago

October 16, 2026

OCHEFA

13 Views

BLACK/ PARALLEL MARKET RATES

₦1370 DOLLAR (USD)

₦1800 POUND (GBP)

₦1510 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 WEST AFRICAN CFA F.(XOF)

₦2200 CENTRAL AFRICAN CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)

CBN OFFICIAL RATES

DOLLAR (USD)₦1331.61

POUND (GBP)₦1764.26

EURO (EUR)₦1490.48

SWISS FRANC (CHF)₦1608.23

JAPANESE YEN (JPN)₦8.4

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33

CHINESE YUAN (CNY)₦199.01

SAUDI RIYAL (SAR)₦354.83

SOUTH AFRICAN RAND (ZAR)₦80.49

Business

WEF could appoint Lagarde as its next chair, sources say

The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of ⁠the matter.

Published

20 hours ago

October 15, 2026

OCHEFA

26 Views

•European Central Bank President Christine Lagarde

The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider ‌reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.

Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.

No final decision has been taken yet, they said.

A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.

Business

Germany plans tax on sugary drinks

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.

Published

20 hours ago

October 15, 2026

OCHEFA

29 Views

The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.

If passed by the German Bundestag, the tax will take effect on 1 July 2027.

The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.

The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.

According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”

The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.