BUSINESSLATEST NEWSNEWS

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

– Diamond Bank Plc-$287m
– Sterling Bank Plc-$269m
– Skye Bank Plc -$221m
 -Fidelity Bank -$209m
– Keystone Bank- $139
– First City Monument Bank (FCMB) -$125m
‎- Heritage Bank-$85m
There suspension will be lifted once they remit the NNPC funds into the TSA

Leave a Reply

Back to top button