Nigeria’s President, Bola Ahmed Tinubu has moved crude oil sales revenue from the Nigerian National Petroleum Company Limited to the Central Bank of Nigeria, CBN.
The Governor of the apex bank, Olayemi Cardoso said that the directive is part of collaborative efforts between the CBN and the Ministry of Finance.
Cardoso who last week at the launch of the Nigerian Economic Summit Group, NESG, “2024 Macroeconomic Outlook Report, expressed the hope that the effort will greatly enhance the Bank’s foreign exchange flows and contribute to the accretion of reserves.
According to him, the NNPCL will submit receipts for crude oil sales to CBN for vetting and documentation, under the new arrangement.
Over the years, NNPCL had maintained sole control over crude oil sales, only rendering accounts to the Federal Government.
