The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Central Bank of Nigeria (CBN) have reviewed the NNPC Ltd.’s decision to domicile a significant portion of its revenues and other banking services with the CBN.
The review was held during a meeting between the Group Chief Executive Officer of NNPC Ltd, Malam Mele Kyari and the Governor of CBN, Mr Olayemi Cardoso, at the NNPC Ltd. towers on Thursday in Abuja.
A statement jointly signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. and Hakama Ali, Acting Director, Corporate Communications Department, CBN, stated that the value created by the decision was for all parties.
According to the statement by Soneye and Ali, the development will provide the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.
“The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.
“Both parties are also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and to continue to have banking transactions with commercial banks as required,” the statement quoted Soneye and Ali as saying. READ ALSO:
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Recall that the President had directed that the forex generated from crude oil sales should be deposited directly at the CBN. (NAN)
