Forex trading: CBN suspends nine banks over non remitting $2.334bn NNPC fund

 

Central Bank of Nigeria (CBN) has banned nine commercial banks from the foreign exchange market on the heels of hiding over $2.334 billion that belongs to Nigerian National Petroleum Corporation (NNPC).

Apex bank said the affected banks would remain in force until they remit all funds to the Treasury Single Account (TSA).

The affected banks according to the source are: United Bank for Africa (UBA) with $530 million; First Bank of Nigeria (FBN) with $469 million; Diamond Bank Plc with $287 million; Sterling Bank Plc with $269 million; Sky Bank Plc with $221 million; Fidelity Bank with $209 million; Keystone Bank with $139 million; First City Monument Bank (FCMB) with $125 million; and Heritage Bank with $85 million.

President Muhammadu Buhari last year had implemented TSA that mandated public funds remitted to CBN.

The CBN may take action against any FXPD that fails to comply with the standards set forth in these guidelines. Such action will vary depending upon the type of non-compliance, but may range, for instance, from fines, suspension from any or all FX operations for a period of time to termination as an FXPD,” CBN had said.