17

Aug

NNPC Secures $3b Emergency Crude-for-Cash Loan to Stabilise Naira

The Nigerian National Petroleum Company Limited (NNPC Ltd) has secured a $3 billion emergency loan for the repayment of petroleum oil in an effort to stabilize the naira. NNPC Limited announced in a statement on Wednesday that it had secured crude-for-cash financing from the AFRIEXIM Bank headquarters in Cairo, Egypt. The oil-for-cash loan is intended to stabilize the foreign exchange market and support the naira as it continues to decline. “The NNPC Ltd. and AfriEXIM bank have signed a commitment letter and terms sheet for a $3 billion emergency crude oil repayment loan,” the NNPC said. “The signing, which took […]

27

Sep

The President Of African Export-Import Bank (Afreximbank) Criticizes The Dollar Trade

Professor Benedict Oramah, President of the African Export-Import Bank, has recommended African countries to use less US dollars in their transactions in order to improve their development. Entrepreneurs and countries should instead use the Pan African Payment Settlement System, which the bank has previously established for intra-continental trade, according to Professor Oramah. Oramah, who criticized the excessive reliance on foreign money, particularly the US dollar, said that this dependence increases commodity inflationary pressures, exposing African trade to global volatility. The president also emphasized the African Continental Free Trade Area’s (AfCFTA) benefits to the Kaduna State Government and businesspeople in general.[…]

09

Sep

Naira Continues Slide As Dollar Hits N535 

On Wednesday, the Nigerian currency continued to fall against the dollar, hitting a fresh all-time low on the parallel market in Lagos. Despite rising forex reserves, the naira has been steadily declining since the beginning of this month, owing to the country’s ongoing foreign exchange scarcity. On Wednesday, the naira lost value versus the US dollar in both the parallel market and the Investors’ and Exporters’ FX window. The local currency, which was 526/$1 at the end of last month, dropped to 535/$1 on Wednesday in the parallel market, down from 532/$1 on Tuesday. Since August 4, when it ended[…]