AFREXIM Bank Struggles To Raise $3Billion Loan To Stabilise Nigeria's Naira, Shops For Funds In US, Singapore, India, Others To Fulfil Agreement With NNPCL
AFREXIM Bank is struggling to raise the $3 billion loan it agreed to provide to the Nigerian National Petroleum Company Ltd in August, according to an exclusive report by Empowered Newswire. The report noted that AFREXIM Bank is unable to raise the money as it is not a depositors' bank. In August, SaharaReporters reported that the NNPCL said it had secured an emergency $3 billion crude oil repayment loan to stabilise the Nigeria’s exchange rates.