The Central Bank of Nigeria has suspended nine banks from further dealing in foreign exchange transactions.
Popular nine Nigerian banks have been suspended by the Central Bank
of Nigeria (CBN), yesterday, from further dealing in foreign exchange
transactions, until they remit all outstanding Nigerian National
Petroleum Corporation (NNPC), funds in their vaults into the Treasury
Single Account (TSA).
According to a report by Vanguard,
the nine banks were barred for concealing $2.12 billion belonging to
the NNPC, and failing to remit the funds into the TSA as directed by the
Federal Government.
The banks, which suspension would remain in force until they remit all the funds to the TSA, are;
1. United Bank for Africa (UBA) ($530m)
2. FirstBank of Nigeria (FBN) ($469m)
3. Diamond Bank Plc ($287m)
4. Sterling Bank Plc ($269m)
5. Skye Bank Plc ($221m)
6. Fidelity Bank ($209m)
7. Keystone Bank ($139m)
8. FCMB ($125m)
9. Heritage Bank ($85m).
The CBN officials said further disciplinary actions awaited the
erring banks after remitting the funds in full to the government’s
coffers.
It was learnt that CBN governor was in Lagos, yesterday, for a
meetings with banks’ Managing Directors to brief them on the
development.
It was further learned that at the meeting, issues were raised
concerning some of the banks that were not listed but it was later
learned that further investigations on their transactions were to be
carried out.
The nine banks comprise three old generation banks and another six new generation banks.
The TSA of the government was established in August 2015, with the
government saying it would help check leakages in the system.
The apex bank’s decision to bar the banks comes two months after it
released the highlights of the much awaited flexible foreign exchange
market policy.
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