CBN bars 9 banks from forex market

Godwin Emefiele CBN Governor

The Central Bank of Nigeria has wielded the big stick as it barred nine Deposit Money Banks from the nation foreign exchange market for failing to remit the sum of $2.334 billion belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account.

President Muhammad Buhari had last September ordered all the DMBs in the country to remit all Federal Government funds to the TSA. The banks are: First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).

An official of the CBN said that the sanction would remain until the DMBs could remit the funds to the CBN. The officials further said further disciplinary actions awaited the errant banks after remitting the funds in full to the Federal Government coffers.

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