CBN Bars Nine Banks from making all Forex Transactions for Not Returning $2.334bn NNPC Funds

Determined not to tolerate any further breach of extant financial regulations, the Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions. The Central Bank of Nigeria CBN on Tuesday barred 9 commercial banks from participating in Foreign Exchange transactions. The banks were suspended for failing to remit funds from NNPC into the Treasury Single Account TSA. See the list of the nine suspended banks and how much they failed to remit below:

– 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

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