Central Bank Of Nigeria Bars Nine Banks From Forex Transactions

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The Central Bank of Nigeria CBN yesterday 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:

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– 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

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There suspension will be lifted once they remit the NNPC funds into the TSA.

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