9 Banks Barred By CBN From Forex Market

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On Tuesday, the Central Bank of Nigeria (CBN) barred nine Deposit Money Banks (DMBs) from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account (TSA).

President Muhammad Buhari had last September ordered all the DMBs in the country to remit all Federal Government funds to the TSA.

The barred 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).

However, the Head of Corporate Communications, United Bank of Africa (UBA), Mr. Charles Aigbe, said the bank was not among the banks sanctioned by the CBN.

Mr. Aigbe issued a statement on Tuesday saying, “Our attention has been drawn to report of the ban of UBA from the foreign exchange market by the CBN over the non-remittance of the NNPC/NLNG dollar deposits.

“We wish to state very categorically that UBA has completely remitted all the NNPC/NLNG dollar deposits. We thank all our numerous customers, business partners and other stakeholders who have reached out to us on account of this report.

 

 

Tags from the story
cbn, central bank of nigeria, forex

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