CBN Lifts Inter-bank Forex Ban On Suspended Banks

Following series of deliberations between chief executives of deposit money banks (DMBs) and the Central Bank of Nigeria (CBN), the apex bank has re-admitted the eight banks suspended from the inter-bank foreign exchange market.
The CBN had week suspended none banks from the interbank foreign exchange market for having held back government foreign exchange earnings from the Nigerian National Petroleum Corporation and Nigeria Natural Liquified Gas which ought to have been paid into the Treasury Single Account held by the CBN.
CBN had however reinstated United Bank for Africa (UBA) the following day after the bank insisted it was not holding back any government fund. In a statement issued 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 are to commence dealing in the foreign exchange market.
Announcing the reinstatement of the Banks, the CBN 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 United States Dollars deposits from the NNPC/NNLG in their possession to the Treasury Single Account (TSA).
Speaking during the briefing, the President in Council, Chartered Instituted of Bankers of Nigeria (CIBN), Mr. Segun Ajibola stated the Body of Bank CEOs in partnership with the CIBN decided to seek for the resolution of the situation in the interest of the Nigerian economy.
It will be recalled that the apex Bank had earlier banned some banks from dealing in the forex market for non-remittance of US Dollars deposits from the NNPC/NLNG in their possession to the Treasury Single Account (TSA), until concerned banks had complied with the directive.
Also in attendance at the briefing was the Managing Director, Access Bank Plc, Mr. Herbert Wigwe, who revealed that the Body of Bank CEOs met with the CBN Committee of Governors in order to resolving the issue.

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