Mr. Mele Kyari, NNPC Boss has affirmed the decision to move a significant portion of the company’s revenues to the Central Bank of Nigeria (CBN), stating it was in the best interest of the country.
This decision was made in line with the directives of the board of directors to maintain self-obligor limits with commercial banks.
Kyari emphasized the value created by this move, particularly in managing cash-holding obligations.
The CBN governor, Mr. Olayemi Cardoso, assured that the apex bank had restructured its internal processes to accommodate NNPC transactions effectively.
Additionally, NNPC Limited clarified that despite growing queues at filling stations, there were no plans to increase the pump price of petrol.
