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February 26, 2024
You are currently viewing NNPC, CBN review banking services, strengthen relationship for seamless operation
Governor of CBN, Mr Olayemi Cardoso (Left) and Group Chief Executive Officer of NNPC Ltd, Malam Mele Kyari (Right)

NNPC, CBN review banking services, strengthen relationship for seamless operation

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By Emmanuella Anokam

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 was held during a meeting between the Group Chief Executive Officer of NNPC Ltd, Malam 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, stated that the value created by the decision was for all parties.

According to the statement by Soneye and Ali, the development will provide the NNPC Ltd. 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 NNPC Ltd. transactions.

“Both parties are also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and to continue to have banking transactions with commercial banks as required,” the statement quoted Soneye and Ali as saying.

Recall that the President had directed that the forex generated from crude oil sales should be deposited directly at the CBN. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

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