Nigeria’s Central bank bars nine banks from Forex transactions
Nigeria’s Central bank bars nine banks from Forex transactions
The Central Bank of Nigeria, CBN has suspended nine banks from further dealing in foreign exchange transactions,
until they remit all outstanding Nigerian National Petroleum Corporation, NNPC, funds in their vaults into the Treasury
Single Account, TSA.
The nine banks were barred for
concealing $2.12 billion belonging to the NNPC.
The banks, which suspension would remain in force until they remit all the funds to the TSA, are United Bank for Africa $530m, FirstBank of Nigeria
$469m, Diamond Bank Plc $287m, Sterling Bank Plc $269m, Skye Bank Plc $221m, Fidelity Bank $209m, Keystone
Bank $139m, FCMB $125m, and Heritage Bank $85m.
The CBN officials said further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers. The TSA of the government was established in August 2015, with the government saying it would help check leakages in the system.
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