CBN Prohibits 9 Banks From All Forex Transactions

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The Central Bank of Nigeria (CBN) has made good its threats on the violation of the extant financial regulations, as it has banned nine commercial banks from participating in all foreign exchange transactions and operations.

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It was gathered that the nine indicted banks were barred for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the presidency last year.

The nine banks comprise of three tier-one lenders and another six tier-two deposit money banks.

The suspension on the banks would remain in force until they remit all the funds to the TSA.

READ ALSO: CBN Officially Floats Naira! Read Full Text On Nigeria’s New Foreign Exchange Policy

A CBN sources said that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s coffers.

Channels TV also reported that President Muhammadu Buhari has been briefed on the breach by the banks, and they have all been ordered to move the monies to the treasury single account.

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