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NNPCL is a limited liability company owned by Nigeria (Nigerians). The CBN is the apex bank of Nigeria. Therefore NNPCL is bound to bow to the CBN's circulars (directives) in fx management.
“CBN lacks power to receive NNPCL crude sales – Atiku - Punch Newspapers
Atiku Abubakar has criticised President Bola Tinubu′s directive to allow the CBN to control crude oil sales proceeds from the NNPCL.

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