CBN Barred 9 Banks From Forex Transactions

The CBN governor, Mr. Godwin Emefiele

The Central Bank of Nigeria CBN yesterday barred 9 commercial banks from participating in Foreign Exchange transactions. The banks were suspended for failing to remit funds from NNPC into the Treasury Single Account TSA. 

The 9 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

There suspension will be lifted once they remit the NNPC funds into the TSA