The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Central Bank of Nigeria (CBN) have agreed to enhance their banking relationship for smoother commercial operations, ensuring improved cash management and digital transaction platforms.
This agreement was announced on Thursday in a statement jointly signed by the spokesperson of NNPCL, Olufemi Soneye and his counterpart at the CBN, Hakama Sidi Ali.
“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,” the statement read.
“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.”
According to the statement, the CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions.
Both parties further announced that they have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC limited.
They also noted that NNPCL continues to have banking transactions with commercial banks as required.
Meanwhile, President Bola Ahmed Tinubu, recently issued a directive instructing NNPC to start submitting receipts of crude oil sales to the apex bank for vetting and documentation.
