BusinessOil & GasTop Story

NNPCL, CBN partner for seamless banking operations

In a joint communiqué by the NNPCL and the CBN on Thursday, the apex bank has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions

742

In their bid to foster transparency and seamless commercial operations, the Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have, at a meeting, reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN.

The apex bank stated that it has provided improved digital platforms for all transactions and established specific limits to manage NNPCL transactions in a joint statement on Thursday signed by Mr. Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., and Mrs. Hakama Sidi Ali, Ag. Director, Corporate Communications Department of CBN.

The statement reads: “The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, have reviewed the decision of the NNPCL to domicile a significant portion of its revenues and other banking services with the CBN.

“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.”

Persecondnews reports that 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.

Persecondnews recalls that the NNPCL and the Ministry of Finance have agreed to remit all their dollar revenues to the Central Bank of Nigeria, CBN, to boost the nation’s external reserves and foreign exchange flows into the country.

The apex bank’s governor, Olayemi Cardoso, disclosed this during his keynote speech at the launch of the Nigerian Economic Summit Group macroeconomic outlook report for 2024 on Wednesday.

 

Leave a comment

Related Articles

Breaking: Tinubu announces suspension of sanctions on Guinea, Mali, Niger, Burkina Faso

President Bola Tinubu has demanded that the Economic Community of West African...

ECOWAS Chair, Pres. Tinubu, presides over regional body’s summit in Abuja

President Bola Tinubu on Saturday presided over Extraordinary Summit of heads of...

Blackout: COAS laments decomposing corpses in Army mortuaries

The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Abiodun Lagbaja, has frowned...

Harsh economy: NIN required as Customs begins distribution of seized food items to poor Nigerians

In a bid to alleviate the current hardship in the country, the...

APC’s Sen. Okpebholo emerges candidate for Edo governorship poll

Sen. Monday Okpebholo of the All Progressives Congress (APC) has been declared...

Port Harcourt refinery to start producing 2.2m litres of diesel, petrol daily soon – FG

The Federal Government has announced that the Port-Harcourt Refinery is gearing up...

$800m rehabilitation funds for Nigerian ports almost ready – FG

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has said...

Economic hardship: Elumelu to partner MOFI to boost economy

Nigerian philanthropist and Chairman of Heirs Holdings Group, Mr. Tony Elumelu, has...

Emefiele slams N25bln suit on Akpabio for alleged defamation 

The ex-governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has...

NNPCL GCEO Kyari Hinges Wealth Creation on Energy Security

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

FG Uncovers 32 Routes for Smuggling Food Out of Nigeria

The Federal Government says it has uncovered 32 routes through which food...

NSA, CBN join forces to curb illicit activities in forex market

In its bid to strengthen Nigeria’s foreign exchange market, the Office of...

State Police Bill scales second reading in House of Reps

A bill proposing an amendment to the 1999 Constitution to establish state...

Presidential Villa, EFCC, FIRS, 83 other MDAs risk total blackout over N47.1bln electricity debt

The Abuja Electricity Distribution Plc (AEDC) has threatened to disconnect the electricity...

Rising cost of living may trigger social unrests in Nigeria, Kenya, others, AfDB warns

The African Development Bank (AfDB) has raised the alarm that rising prices...

Brave NAF officer foils ‘one chance’ robbery, rescues victims in Abuja

A serving officer of the Nigerian Air Force (NAF), Air Commodore John...

Nigeria ready to host African Central Bank, prepare youths for 21st century economy, Tinubu tells AU leaders

President Bola Tinubu says Nigeria is ready to host the African Central...

Tinubu Appointed AU Champion for Health

President Bola Tinubu has been appointed the African Union (AU) Champion for...

FG appoints CEOs, board chairpersons for NAFDAC, NCDC, PCN, others

In furtherance of his determination to bring world class standards to the...

CBN stops dollar cash payments for BTA, PTA

The Central Bank of Nigeria (CBN) has announced that it will no...