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.