The Central Bank of Nigeria (CBN) has provided strengthened digital platforms for all transactions and also created specific limits for the management of the Nigerian National Petroleum Company Limited (NNPCL) transactions.
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This was contained in a joint statement the CBN, Corporate Communications Department, Acting Director, Hakama Sidi Ali, and NNPCL Chief Corporate Communications Officer, Olufemi Soneye jointly issued on Thursday, February 8.
The statement said: “The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.”
According to the statement, the NNPCL Group Chief Executive Officer, Mallam Mele Kyari, and the Governor of the CBN, Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN.
The joint statement noted: “Following their meeting in Abuja on Thursday, February 8, 2024, 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.
“Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and noted that NNPC Ltd. continues to have banking transactions with commercial banks as required.”
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