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

1.9k

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: UAE lifts visa ban on Nigerians

The Federal Government has announced that, beginning today, July 15, 2024, Nigerian...

Tinubu to submit minimum wage bill to NASS next week

Barring a last-minute change, President Bola Tinubu is scheduled to send the...

Breaking: Court orders Bayero, four others to stop parading themselves as emirs

Justice Amina Adamu Aliyu of the Kano State High Court issued a...

Breaking: Nigeria’s inflation rises to 34.19% in June 2024

Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024...

Dangote refinery: Commercial decision to cap investment at 7.2 percent was taken several months ago – NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that the...

Dangote Refinery Set To Roll Out Petrol In August

Dangote Refinery says it has resolved the crude oil supply issues with...

Assassination attempt: Tinubu, Xi Jinping, other world leaders in solidarity with Trump

President Bola Tinubu, along with other world leaders, expressed support for former...

Bullet pierced upper part of my right ear – ex-Pres. Trump

Former President Donald Trump has released a statement following the shooting incident...

Bello-Koko, outgoing NPA MD, thanks Tinubu, Buhari for opportunity to serve the nation

The outgoing Managing Director/CEO of Nigerian Ports Authority (NPA), Mohammed Bello-Koko, has...

10 Things to Know About the New NPA MD, Abubakar Dantsoho (Ph.D)

1. Early Life and Education: Born in Jalingo, Taraba State, Abubakar Dantsoho...

Breaking: Two-storey building collapses in Abuja, trapping several people

A partial collapse of a two-storey residential building occurred in Abuja early...

17 fatalities recorded in Plateau school building collapse, 43 hospitalized

No fewer than 17 students have been confirmed dead and scores of...

Tinubu appoints new MD, board chairman for NPA

  President Bola Tinubu has approved the appointment of Dr. Abubakar Dantsoho...

Food Security: Presidency inaugurates food coordination unit to harness resources, ideas.

The Presidency has inaugurated the Presidential Food Systems Coordination Unit (PFSCU) to...

CBN sells $122.67m to 46 authorized FX dealers

The Central Bank of Nigeria (CBN) says it has sold $122.67 million...

Correcting the Lies in Dr. Olisa Agbakoba’s Assertions

By Kingsley Ariamaodo Eminent lawyer and Senior Advocate of Nigeria, Dr. Olisa...

I’m concerned about Nigerian workers, committed to just, realistic minimum wage- Tinubu

As the nation’s driving force, President Bola Tinubu says Nigerian workers deserve...

Minimum wage: Tinubu’s meeting with labour deadlocked as labour insists on N250,000

The closed-door meeting between President Bola Tinubu and labor leaders over the...

Just In: Pres. Tinubu, Labour Leaders In Closed-Door Meeting Over Minimum Wage

President Bola Tinubu and the leadership of the organized labour in the...