Cbn stops 9 Commercial Banks from FOREX Transactions over Non-Remission of Funds to TSA

The Central Bank of Nigeria (CBN) on Tuesday barred nine commercial banks from all foreign exchange transactions.

According to THISDAY, this was because they failed to return a total of $2.334 billion of Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA) domiciled with the central bank, as directed by the presidency in 2015.

The report added that the affected banks are the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc -$221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

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