CBN Reinstates 9 Banks Suspended From Forex Market

August 31, 2016 Haruna Magaji BANKING
CBN to begin Implementation of USSD framework June 1
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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.

See list of the banks barred from forex transactions

  1. United Bank for Africa (UBA) -$530m;
  2. First Bank of Nigeria (FBN)- $469m;
  3. Diamond Bank Plc-$287m;
  4. Sterling Bank Plc-$269m;
  5. Sky Bank Plc -$221m;
  6. Fidelity Bank -$209m;
  7. Keystone Bank- $139;
  8. First City Monument Bank (FCMB) -$125m;
  9. and Heritage Bank-$85m.
About Haruna Magaji 2484 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - harunamagaji@financialwatchngr.com
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