Central Bank of Nigeria Bars Nine Banks From Forex Transaction
The Central Bank of Nigeria (CBN) on Tuesday barred nine commercial banks from all foreign exchange transactions.
According to THISDAY, this was because they failed to return a total of $2.334 billion of Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA) domiciled with the central bank, as directed by the presidency in 2015.
The report added that the affected banks are the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc -$221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.
The banks’ suspension would remain in force until they remit all the funds to the TSA,
More Stories
NCC WARNS SUBSCRIBERS AGAINST BUYING OF PRE-REGISTERED SIM CARDS
The Nigerian Communications Commission has warned Nigerians against buying pre-registered SIM cards, citing the illegal nature of the practice, and...
JUST IN: NAIRA DEPRECIATES FURTHER, TRADES AT OVER N1, 500/$
By Ajape Sefiu A. The naira continued its devaluation against the US dollar in the foreign exchange market. According to...
AIRTEL SUFFERS $549M FX LOSS OVER CURRENCY DEVALUATIONS IN NIGERIA, MALAWI
The second-biggest telecom provider in Nigeria, Airtel Africa Plc, reported a $89 million loss after taxes for the entire year...
CAC REGISTRATION: POLICE TO GO AFTER UNREGISTERED PoS OPERATORS
According to the Federal Government, making point-of-sale operators countrywide registered by law will lessen abduction and make it easier for...
CYBER SECURITY LEVY: DESIGNED TO MILK DYING ECONOMY, WILL PUSH MORE NIGERIANS INTO POVERTY – PETER OBI
By Ajape Sefiu A. The newly imposed cyber security levy by the President Bola Tinubu-led Federal Government has been characterized...
MICROSOFT TO SHUT DOWN LAGOS CENTRE, OVER 200 JOBS AT RISK
Microsoft, a multinational technology company with headquarters in the United States, has thought about shutting down the African Development Center...