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9 Commercial Banks Barred from FOREX Transactions over Non-Remission of Funds to TSA

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cbnThe 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,

 

4 Comments

  1. praizeblog

    August 24, 2016 at 12:06 pm

    hmmmmm

  2. Ememobong

    August 24, 2016 at 12:27 pm

    Ah! First Bank ? why na?

  3. somto

    August 24, 2016 at 2:14 pm

    These banks are bloody liars. I have been trying to transfer funds for weeks now and they keep lying to me that it was a system failure from head office. it shall not be well with you people. I have lost a lot of money because of their lies cos they keep reassureing me day after day and I remained hopeful till I read this. God will judge you people very harshly. Haa I’m so pained right now.

  4. Percy

    August 26, 2016 at 6:17 pm

    My broda nor b only u o i made an online transfer in dollar with my uba mastercard and according to the payment processor it was meant to take 5 business week for the funds to get to my bank account, this is the 10th business day and there is no bank alert. UBA don kolombi my money take pay CBN so o because i just dey see this news say dem dey owe $530M.

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