La compagnie pétrolière nationale nigériane NNPC avait obtained a $3 billion loan to repay crude oil from the Cairo-based Afrexim bank. The bank will support government reforms that aim to stabilize the foreign exchange market

In a message entitled “relief for the naira,” the NNPC indicated that the $3 billion loan granted by Afrexim Bank would immediately disburse funds to support the “government in its ongoing fiscal and monetary reforms aimed at stabilizing the exchange rate market.” Africa's largest economy is seeking to consolidate its reserves and reverse the fall in its currency, which reached record levels on the black market two months after trade restrictions on the official market were relaxed