See List of Banks barred by CBN from foreign exchange transactions

The Central Bank of Nigeria (CBN) has banned nine banks from the foreign exchange market.

The banks were barred for hiding over $2.12 billion belonging to the Nigerian National Petroleum Corporation (NNPC). They also failed to remit the funds into the Treasury Single Account (TSA).

The apex bank said all the banks will remain barred from foreign exchange operations until they fully remit the NNPC funds into government coffers via the Treasury Single Account (TSA).

Below are the list of affected banks:
– United Bank for Africa (UBA) -$530m

– First Bank of Nigeria (FBN)- $469m