Tag Archives: Bank that will Not do Forex Transactions

CBN Suspended 9 Banks from All Forex Transactions

The Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions as it’s determined not to tolerate any further breach of extant financial regulations.

The banks were barred for failure of not returning $2.334bn NNPC dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the presidency last year.The nine banks comprise of three tier-one lenders and another six tier-two deposit money banks.

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The banks, whose suspension would remain in force until they remit all the funds to the TSA are:

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……………………………..$139m

First City Monument Bank (FCMB)…$125m

Heritage Bank……………………………. $85m

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The CBN sources told THISDAY that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers.