CBN Bans Nine Banks From Forex Market

nigeria

The CBN has barred nine banks from all Forex transactions over their failures to remit NNPC funds in the TSA account. According to media reports, the Dollar funds were not remitted even after the presidency ordered all funds belonging to the government to be paid back into the TSA account.

The total amount is about USD2.33 billion collected by the bank on behalf of the NNPC.

Affected banks are First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).

The CBN has not made any official statement on the matter but it is expected that the apex bank will make clarifications on the sanctions soon.

In the fallout after the introduction of the TSA banks had panicked to meet up with the deadline.

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