The Nigerian National Petroleum Company (NNPC) Limited has collaborated with the Central Bank of Nigeria (CBN) to set limits for the management of the oil firm’s revenue.

The limit was set following a meeting between the CBN Governor, Olayemi Cardoso, and the NNPCL Group Chief Executive Officer, Mele Kyari, in Abuja to review the decision to transfer revenue generated by NNPCL to the apex bank.

Last month, Cardoso said the NNPCL and the Finance Ministry agreed to remit their foreign exchange inflows to the CBN, to boost Nigeria’s external reserves. 

According to a statement jointly signed on Thursday by the NNPCL and CBN said the meeting also allowed the duo to strengthen CBN and NNPC’s relationship to guarantee seamless commercial operation.