FRI, FEB 09 2024-theGBJournal| The Nigerian National Petroleum Company (NNPC Ltd.) and Central Bank of Nigeria (CBN) chiefs said on Thursday, in a joint statement, that they are strengthening the relationship between their respective entity to guarantee seamless commercial operation.
The commitment follows a meeting between the CBN Governor, Olayemi Cardoso and Group Chief Executive Officer, NNPC Ltd., Mallam Mele Kyari to review the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN.
Following the meeting, 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 NNPC Ltd, subsequently, revealed that the CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage its 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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