In addition to this, we understand that there are other developments aimed at liquefying the foreign exchange (FX) market. Nairametrics has learned that the remaining balance of the facility, amounting to US$1.05 billion, is scheduled to be disbursed in January 2024. Sources also reveal to Nairametrics the coupon for the transaction is a whopping 11% per annum.Gunvor is a leading global commodities distribution company with about $150 billion in annual revenues. In addition to their roles in the transaction, UBA, Sahara Energy, Vitol, Oando, and Gunvor have each contributed $100 million to the facility.Other major oil trading firms involved as sub-lenders include Sahara Energy, Vitol, Oando, and Gunvor. The Nigerian National Petroleum Corporation (NNPC) is facilitating the financing of this transaction, acting as a lender.UBA is also functioning as the Onshore Depository Bank for this arrangement.United Bank for Africa (UBA) will serve as the Local Arranger, while the African Export-Import Bank (Afrexim Bank) is the Mandated Lead Arranger for the transaction.This sum will be deposited into a designated account at the Central Bank, and it is expected to ease forex liquidity pressures. The first tranche of the transaction amounts to US$2.25 billion.The total transaction value is US$3.3 billion, which will be loaned to Nigeria as liquidity support to help alleviate its foreign exchange (forex) challenges.
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