Wednesday, 31 August 2016

CBN lifts ban on 9 banks from FX Market

Central Bank of Nigeria (CBN) has on Wednesday lifted suspension of eight banks barred from participating in the Foreign Exchange market, this happened after the Body of Bank CEOs asked the CBN to lift the ban.

The CBN had suspended First Bank of Nigeria Ltd., Diamond Bank Plc, First City Monument Bank Ltd., Fidelity Bank Plc, Skye Bank Plc, Keystone Bank Ltd., Sterling Bank Plc and Heritage Bank Ltd from the FX market last week Tuesday for failing to return Nigerian National Petroleum Corporation/Nigeria Liquefied Natural Gas Company dollar deposits to the Treasury Singe Account (TSA) with the central bank.

A CEO of one of the affected banks confirmed Wednesday that they had received a circular from the central bank lifting the suspension, effectively immediately.

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