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CBN Lifts Forex Ban On 8 Banks

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Following several deliberations between chief executives of deposit money banks and the Central Bank of Nigeria (CBN), the apex bank has re-admitted the eight banks suspended from the interbank foreign exchange market.

The CBN had last week suspended nine banks from the interbank foreign exchange market for withholding  government‘s foreign exchange earnings from the Nigerian National Petroleum Corporation (NNPC) and Nigeria Natural Liquefied Gas (NLNG), which ought to have been paid into the Treasury Single Account (TSA) held by the CBN.

The CBN had, however, reinstated the United Bank for Africa (UBA) the following day, after the bank insisted it was not holding back any government fund.

Announcing the lifting of the ban on the banks in a statement yesterday, the apex bank said the remaining eight banks – First Bank of Nigeria, Fidelity Bank, Diamond Bank, First City Monument Bank (FCMB), Sterling Bank, Skye Bank, Heritage Bank and Keystone Bank – were to commence dealing in the foreign exchange market.

The director, banking supervision department, Mrs Tokunbo Martins, stated that the body of bank CEOs, under the auspices of the Chartered Institute of Bankers of Nigeria (CIBN), met with the Committee of Governors of the CBN and presented a payment plan for all outstanding U.S. dollar deposits from the NNPC/NNLG in their possession to the TSA.

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