Abuja, Feb. 9, 2024: 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 held during the meeting of the Group Chief Executive Officer of NNPC Ltd, Mallam 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 noted the value created by the decision for all parties.
According to Soneye, the development would provide the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the Board of Directors.
He said the CBN had provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.
He said both parties also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited.
According to him, the NNPC Ltd. continues to have banking transactions with commercial banks as required.
Recall that the President had directed that the crude oil sales forex proceeds should be deposited directly to the CBN.
