NNPC, CBN strengthen relationship to guarantee seamless commercial operation   

*The CBN governor, Olayemi Cardoso (left), and NNPC GCEO, Mele Kyari, during the meeting in Abuja

Oritsegbubemi Omatseyin

Lagos — The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPC, Mallam Mele Kyari, and the Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso, have reviewed the directive to the NNPC to domicile a significant portion of its revenues and other banking services with the CBN.

Following their meeting in Abuja, the NNPC and CBN chiefs noted the value created by the decisions at the meeting, especially in providing the NNPC 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 transactions.

Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC and noted that NNPC will continue to have banking transactions with commercial banks as required.

This article was originally posted at sweetcrudereports.com

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