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HomeBankingCBN Reinstates All Nine banks Suspended From Forex market

CBN Reinstates All Nine banks Suspended From Forex market

Nine banks that were recently suspended from the foreign exchange market have been reinstated by the Central Bank of Nigeria ( CBN ).

The United Bank for Africa (UBA), First Bank Nigeria and 7 other banks are the first victims of the clampdown by the Central Bank of Nigeria (CBN) for a violation of TSA.

These banks have now been barred from all foreign exchange transactions and operations.

This move was due to the banks being discovered to have hidden some $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation (NNPC) and failing to remit the funds into the Treasury Single Account .

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However, the banks have been reinstated according to a statement by the CBN Director of Banking Supervision, Mrs. Tokunbo Martins.

She announced the reinstatement in Abuja , Wednesday, and explained that the apex bank took the decision after the banks presented repayments plans.

 

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