The Nigerian National Petroleum Company Limited (NNPC Ltd.), has formally pledged to domicile a significant portion of its revenues and other banking services with the Central Bank of Nigeria (CBN).
The decision was taken at a meeting between the Group Chief Executive Officer of the NNPCL, Mallam Mele Kyari, and the Governor of the CBN, Olayemi Cardoso.
At the meeting in Abuja today, February 8, the NNPC Ltd. and CBN Chiefs noted the value created by the decision for all parties, especially in providing 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.
A joint statement by the spokespersons of the NNPCL, Olufemi O. Soneye and CBN, Mrs. Hakama Sidi Ali said that both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited.
They said that NNPC Ltd. would continue to have banking transactions with commercial banks as required.
