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. See the list of the nine
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.
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