The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPCL transactions, the statement said.

The Nigerian National Petroleum Company (NNPC) Limited and the Central Bank of Nigeria (CBN) have reviewed the decision to domicile a significant portion of NNPC's revenues and banking services with the CBN.

According to a joint statement signed by the NNPC spokesperson, Olufemi Soneye, and the Acting Director of the Corporate Communications Department at the CBN, Hakama Ali, the decision will enhance transparency and accountability.

The CBN will provide NNPC with an improved platform for all transactions and establish specific limits to manage transactions effectively, the statement said.

Both the Group Chief Executive Officer of the NNPC, Mele Kyari, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, expressed their commitments to further strengthening the partnership to ensure seamless operations at the NNPC.

The statement noted that the partnership between the two parties underscores a shared commitment to operational excellence and financial prudence, ultimately contributing to the sustainable growth and development of Nigeria's energy sector.

Mr Cardoso in an interview with Arise Television on Monday noted that the presence of crude oil sales funds held in the central bank enhances foreign investors' confidence in Nigeria, thereby fostering economic stability.

"The recent move to have NNPC and some of the other MDAs move their funding straight to the central bank also sends a very powerful signal and boosts investors' confidence," he said.