The Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer (NNPCL), Mele Kyari, announced on Thursday.

Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant portions of the company’s revenues to the apex bank.

This came as the national oil major declared that there was no imminent hike in the pump price of Premium Motor Spirit, popularly called petrol. NNPCL is the sole importer of petrol into Nigeria, a role it has shouldered for several years.

In January, it was reported that President Bola Tinubu had directed the CBN to assume the responsibility for crude oil sales proceeds from the NNPCL. Consequently, NNPCL is expected to submit the receipts for crude oil sales to CBN for vetting and documentation.

In a video made available to journalists in Abuja on the meeting between CBN delegation, led by the bank’s Governor, Olayemi Cardoso, and the management of NNPCL at the latter’s headquarters, Kyari welcomed the decision to move the oil firm’s transactions to CBN.

He said, “We welcome the governor of the CBN and his senior management team to NNPC Ltd. We understand very clearly that this review of our decision to move significant portions of our revenues to the CBN is very timely.

“We made that decision in line with the directives of our Board of Directors to maintain safe obligor limits with commercial banks. And for us to do this, we do need additional support, particularly from the CBN to achieve this.

Meanwhile, NNPCL assured the public on Thursday that there was no imminent increase in the cost of petrol.

“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, stated in a statement. (The PUNCH)

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