Home NEWS BREAKING NEWS CBN readmits suspended banks to forex market

CBN readmits suspended banks to forex market

The Central Bank of Nigeria (CBN) has reinstated the remaining eight Deposit Money Banks (DMBs) that were recently suspended from the foreign exchange (forex) market.

The reinstatement of the banks was announced in Abuja on Wednesday by the CBN Director of Banking Supervision, Mrs. Tokunbo Martins. She explained that the apex bank reached the decision after the banks presented repayments plans.

The affected banks are: First Bank of Nigeria Ltd., Diamond Bank Plc; First City Monument Bank Ltd., Fidelity Bank Plc; Skye Bank Plc; Keystone Bank Ltd.; Sterling Bank Plc and Heritage Bank Ltd from the FX market last week Tuesday for failing to return Nigerian National Petroleum Corporation/Nigeria Liquefied Natural Gas Company dollar deposits to the Treasury Singe Account (TSA) with the CBN. United Bank for Africa (UBA) made it nine, but it had been cleared earlier.

A circular from the CBN lifting the suspension was said to have been immediately received by the Chief Executive Officers of the affected banks this afternoon.

It would be recalled that the banks were suspended last week for failing to remit about $2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the Federal Government.

The suspension from the official forex market a week ago was said to have worsened the problem of foreign exchange situation in the country, even as the shares of the affected banks have been recording steady depreciation in the capital market.

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