Wednesday, August 31, 2016

Breaking News: CBN Reinstates 9 Banks Suspended From Forex Market

The Central Bank of Nigeria ( CBN ) has reinstated the nine banks that were recently suspended from the foreign exchange market.

They were suspended last week for failing to remit about$ 2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the federal government
The CBN Director of Banking Supervision, Mrs. Tokunbo Martins, who announced the reinstatement in Abuja , Wednesday, explained that the apex bank took the decision after the banks presented repayments plans.

List of banks barred from forex transactions by Central Bank of Nigeria.

United Bank for Africa (UBA) -$530m;

First Bank of Nigeria (FBN)- $469m;

Diamond Bank Plc-$287m;

Sterling Bank Plc-$269m;

Sky Bank Plc -$221m;

Fidelity Bank -$209m;

Keystone Bank- $139;

First City Monument Bank (FCMB) -$125m;
and Heritage Bank-$85m, totaling.

It will be recalled that CBN had couple of months ago, released the highlights of the much awaited flexible Foreign Exchange Market Policy , which according to report, followed the investigation revealed.

The highlights, which are key notes and agreements reached by the Central Bank of Nigeria (CBN), were released on Wednesday, weeks after the Monetary Policy Committee announced the introduction of the policy.

After its meeting Of May 24 , the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.

However, going by the calculation, Vanguard investigation , revealed that the erring banks had in its records Zennith Bank (Undisclosed amount), which was later removed from the list of barred banks.

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