Nigeria’s imperative bank bars 9 banks from forex transactions

The crucial bank of Nigeria, CBN has suspended 9 banks
from similarly dealing in forex transactions, till they remit all splendid Nigerian national Petroleum company, NNPC, budget in their vaults into the Treasury single Account, TSA.
The 9 banks have been barred for concealing $2.12 billion belonging to the NNPC.

The banks, which suspension would stay in force till they remit all the finances to the TSA, are United bank for Africa $530m, FirstBank of Nigeria $469m, Diamond financial institution p.c $287m, Sterling bank % $269m, Skye financial institution percent $221m, fidelity bank $209m, Keystone bank $139m, FCMB $125m, and heritage financial institution $85m.

The CBN officials said in addition disciplinary actions awaited the erring banks after remitting the finances in full to the government’s coffers.

The TSA of the authorities turned into mounted in August 2015, with the government announcing it might assist test leakages inside the machine.