The Nigerian National Petroleum Company Limited (NNPCL) has secured a $3bn emergency loan from the African Export-Import Bank (Afreximbank) to ease pressure on the naira.

The parties signed the commitment letter and Term Sheet for the emergency loan of $3billion in Cairo on Wednesday.

Mallam Mele Kyari, Group Chief Executive Officer of NNPC, signed on behalf of NNPC, while Dr George Elimbi, Executive Vice President Afreximbank signed for the bank.

According to NNPC, the transaction would provide some relief and help NNPCL to assist the federal government in its ongoing fiscal and monetary policy reforms to stabilize the exchange market.

The move is also expected to inject foreign exchange liquidity into the country and drive down the naira exchange rate.