The banks were barred for hiding over $2.12 billion belonging to the Nigerian National Petroleum Corporation (NNPC) and failed to remit the funds into the Treasury Single Account. A top Central Bank source confirmed that President Muhammadu Buhari had been briefed on the matter and the sanctions to be imposed on the defaulting banks, Channels Television reports.
The apex bank said all the banks will remain barred from foreign exchange operations until they fully remit the NNPC funds into government coffers via the Treasury Single Account (TSA). Below are the banks that have been barred from the forex transactions:
United Bank for Africa (UBA)
Sterling Bank Plc
Sky Bank Plc
First City Monument Bank (FCMB)
CBN’s decision to bar the banks is coming two months after it released the highlights of the much awaited flexible foreign exchange market policy. The highlights, which are key notes and agreements reached by the apex bank were released weeks after the Monetary Policy Committee announced the introduction of the policy.
Tension as CBN bars nine commercial banks (FULL LIST) Reviewed by Link Naija on 22:24 Rating: