The Nigerian National Petroleum Corporation Ltd. (NNPCL) has inked a USD 3 bln agreement with Afreximbank to boost FX reserves. Contrary to being a crude-for-refined product exchange, it’s an upfront cash loan set against returns from some future crude oil production. Meanwhile, questions arose regarding the central bank’s USD 34 bln FX reserves after previously undisclosed USD 7.5 bln transactions with JPMorgan and Goldman Sachs came to light.