The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Central Bank of Nigeria (CBN) have reached an agreement to bolster their banking relationship, aimed at facilitating smoother commercial operations and enhancing cash management through digital transaction platforms.
In a joint statement released on Thursday, NNPC Ltd spokesperson Olufemi Soneye and CBN counterpart Hakama Sidi Ali announced the agreement, highlighting the commitment of both entities to optimize banking services for improved efficiency.
“The Group Chief Executive Officer of NNPC Ltd, Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, have reviewed the decision of NNPC Ltd to domicile a significant portion of its revenues and banking services with the CBN,” the statement read.
The meeting between Kyari and Cardoso, held in Abuja on Thursday, underscored the mutual benefits derived from the arrangement, particularly in providing NNPC Ltd with an enhanced platform for cash management and adhering to obligor limits set by the Board of Directors.
The statement further highlighted the CBN’s provision of advanced digital platforms for transactions and the establishment of specific limits to oversee NNPC Ltd transactions, ensuring streamlined processes and adherence to regulatory standards.
Both parties affirmed their commitment to strengthening collaboration to ensure the seamless operation of NNPC Ltd’s commercial activities.
Additionally, they emphasized that NNPC Ltd would continue to conduct banking transactions with commercial banks as necessary.
