According to an article in Business Day, the NNPC’s transaction with Afrexim Bank to secure US$3bn emergency crude repayment facility, has been put on hold.
Earlier in August, the NNPC announced the transaction, stating that the facility would be used to settle taxes and royalties in advance and provide some immediate disbursement that will enable the NNPC to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market. Business Day claims that Afrexim Bank has reached its single obligor limit in terms of exposure to Nigeria and now seeks other financiers to form a syndicate, further stalling the injection of much-needed liquidity in the foreign exchange market.
