The Central Bank of Nigeria (CBN) has banned nine deposit money banks (DMBs) from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).
At the full implementation of the TSA in 2015, the CBN had warned that banks who don’t totally comply with the TSA remission plan face suspension from the forex market.
See the list of the nine suspended banks and how much they failed to remit below:
- – United Bank for Africa (UBA) -$530m
- – First Bank of Nigeria (FBN)- $469m
- – Diamond Bank Plc-$287m
- – Sterling Bank Plc-$269m
- – Skye Bank Plc -$221m
- -Fidelity Bank -$209m
- – Keystone Bank- $139
- – First City Monument Bank (FCMB) -$125m
- - Heritage Bank-$85m
In October 2016, the CBN fined two leading banks for the same offence repeated in 2016, leading to the payment of over N4 billion to the apex bank.
This time around, all the banks involved are barred from the forex market until they fully refund the $2.1 billion held up in their coffers.
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