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AugThe 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 […]
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AugDue to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing[…]
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MayAccording to figures from the Central Bank of Nigeria, Nigeria’s foreign reserves have lost $1.2 billion since December 31, 2021. The reserves fell to $39.3 billion on May 6, down from $40.42 billion on December 31, 2021. In the last four months and six days, the reserves have lost 2.98 percent of their worth. Nigeria is currently dealing with the shocks of crude oil theft and subsidy payments, which the government claims are undermining the benefits of high crude oil prices supported by the Russia-Ukraine war. Brent crude oil prices are at $104.2, while West Texas Intermediate is selling for[…]