The CBN has halted the sale of dollars to the NNPC by oil companies, including IOCs that operate within the shores of the country.
The GMD of NNPC, Mele Kyari, has urged the IOCs not to worry over the Deep Offshore and Inland Basin Production Sharing Contract Act 2004.
Chevron is looking to sell-off a number of its oil assets in the country as the company wants to focus on growing its US shale output.
A recent study report by Rystad Energy has suggested that many international oil exploration companies may soon be faced with huge profit loses.
Timipre Sylva stated yesterday that the government knows that the full amount expected from the IOCs might never be recovered.
Major international oil companies in Nigeria owe a collective tax arrears of about $20 billion, money the Government is now demanding that they pay.
