Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN.
Gatekeepers News reports that Group Chief Executive Officer of NNPC Ltd, Mele Kyari and Governor of CBN, Olayemi Cardoso reviewed the decision in a joint statement on Thursday.
The statement was jointly signed by the Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye; and the Director, Corporate Communications Department, CBN, Hakama Sidi Ali on Thursday.
The statement read, “Following their meeting in Abuja on Thursday, February 8, 2024, the NNPCL and CBN Chiefs noted the value created by the decision for all parties, especially in providing the NNPCL 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 NNPCL transactions.
“Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC limited and noted that NNPCL continues to have banking transactions with commercial banks as required.”
