CBN Lifts Controversial Ban, Reinstates All Banks Into Forex Market

CBN Gov Emefiele

Nigeria’s apex bank, CBN has reinstated all the commercial banks recently banned from the forex market.The decision was taken after an agreement was apparently reached on how the funds held back by the banks will be remitted into the nation’s coffers.

Announcing the decision to reinstate the banks Wednesday, CBN, Director, Banking Supervision , Tokunbo Martins said in Abuja at a press briefing  after meetings with the body of bank Chief Executive Officers and the Chartered Institute of Bankers of Nigeria, “ we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.

“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

“So as a result of that, all those banks have been re-instated in the foreign exchange market.”

Speaking on the issue the CIBN President, Prof. Segun Ajibola, said: “We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.

“So it is a happy development and I believe this will further help to strengthen our system and our economy.”

CBN had controversially banned nine banks for failing to remit $2.3b NNPC/NLNG fund into the TSA.But the United Bank for Africa ,UBA denied holding such funds insisting it had remitted them as required.UBA was thus reinstated last week while 8 other banks remained banned.

The coast has now been cleared for the remaining banks following the repayment agreement reached with the CEOs.


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