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NNPC, CBN strengthen alliance for effortless commercial ventures
In a significant step towards bolstering cooperation, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and the Central Bank of Nigeria (CBN) have renewed their dedication to a resilient banking partnership.
The meeting between Mallam Mele Kyari, Group Chief Executive Officer of NNPC Ltd., and Mr. Olayemi Cardoso, Governor of CBN, on February 8, 2024, in Abuja, emphasized NNPC Ltd.’s decision to allocate a substantial portion of its revenues and banking operations to the CBN.
The joint statement by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd., and Hakama Sidi Ali, Ag. Director of the Corporate Communications Department at the Central Bank of Nigeria, highlighted this move as a strategic measure to provide NNPC Ltd. with an enhanced platform for managing cash holdings and meeting obligor limits set by the Board of Directors in commercial banks.
READ ALSO: Tinubu authorises CBN to take over control of crude oil sales from NNPC
Acknowledging the mutual benefits of this decision, both leaders underscored its positive impact on all parties involved.
In an effort to solidify their collaboration, the CBN has introduced advanced digital platforms for transactions and established specific limits to better oversee NNPC Ltd.’s transactions.
The commitment to enhancing this partnership ensures seamless operations for NNPC Limited’s commercial endeavors alongside maintaining necessary banking transactions with commercial banks.
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