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24 Aug 2016

Tension as CBN bars nine commercial banks (FULL LIST)

The Central Bank of Nigeria (CBN) has barred nine commercial banks from all foreign exchange transactions and operations.

 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
 Keystone Bank
 First City Monument Bank (FCMB) 
Heritage Bank 
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.
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