Nigeria Takes Out $3.3B Loan Backed by Oil to Stabilize Currency
- Nigeria to pay 11.85% annual interest on $3.3B loan from Afrexim-NNPC
- Offering 164M barrels of oil as collateral to secure loan
- Oil to be paid to traders financing loan, at 90k barrels per day
- Loan aimed to stabilize volatile foreign exchange market
- Critics concerned about NNPC focusing on loans over oil revenue