CBN Suspends 9 Banks From Doing Forex Transactions For Owing NNPC $2.12 Billion

The Central Bank of Nigeria, CBN, yesterday, suspended nine banks from further dealing in foreign exchange transactions, until they remit all outstanding Nigerian National Petroleum Corporation, NNPC, funds in their vaults into the Treasury Single Account, TSA. The nine banks were barred for concealing $2.12 billion belonging to the NNPC, and failed to remit the funds into the TSA as directed by the Federal Government. Continue after the cut to see the banks suspended.

- UBA ($530m)
- First Bank ($469m)
- Diamond Bank ($287m)
- Sterling Bank ($269m)
- Skye Bank ($221m)
- Fidelity Bank ($209m)
- Keystone Bank ($139m)
- FCMB ($125m)
- Heritage Bank ($85m).