$2.3b NNPC cash: CBN re-admits eight banks into forex market

•Lenders present repayment plans

The Central Bank of Nigeria (CBN) has cleared the remaining eight commercial banks previously banned from trading in the interbank foreign exchange (forex) market. The lenders were accused of withholding $2.3 billion belonging to the Nigeria National Petroleum Corporation/Nigeria LNG.

The banks, the CBN announced yesterday, can now commence dealings in the forex market.

The affected lenders are First Bank of Nigeria (FBN) $469 million; Diamond Bank Plc ($287 million); Sterling Bank Plc ($269 million); Skye Bank Plc ($221 million); Fidelity Bank ($209 million); Keystone Bank ($139 million); First City Monument Bank (FCMB) $125 million and Heritage Bank ($85 million). The United Bank for Africa (UBA) earlier returned $530 million to the Treasury Single Account (TSA) and was cleared by the CBN.

Announcing the reinstatement of the banks, the CBN Director, Banking Supervision Department, Mrs. Tokunbo Martins, said the body of banks’ Chief Executive Officers (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 dollar deposits from the Nigeria National Petroleum Corporation /Nigeria LNG in their possession to the Treasury Single Account (TSA).

Speaking during the briefing, the CIBN President-in-Council,  Segun Ajibola stated that the Body of Bank CEOs in partnership with the CIBN decided to resolve the issue in the interest of the Nigerian economy.

The post $2.3b NNPC cash: CBN re-admits eight banks into forex market appeared first on The Nation Nigeria.