Home Business CBN Readmits All Banks Suspended from Trading in FOREX

CBN Readmits All Banks Suspended from Trading in FOREX

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The Central Bank of Nigeria has now readmitted all the nine commercial banks that were recently suspended from trading in the foreign exchange.

Nine banks including UBA, First bank, FCMB, Heritage Bank among others were suspended from FOREX trading for allegedly withholding NNPC funds totaling $2.3 billion from the government’s Treasury Single Account.

But the UBA quickly washed its hands clean of withholding any such funds following which the bank was immediately reinstated.

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The remaining eight banks were reinstated on Wednesday.

Director of Banking Supervision of the apex bank, Mrs. Tokunbo Martins, announced the reinstatement of the banks.

She explained that the decision was taken after the defaulting banks presented repayments plans.

Last week, the banks were suspended from dealing in forex for failing to remit about $2.3 billion of the Nigerian National Petroleum Corporation, NNPC funds to the Treasury Single Account, TSA, of the federal government.

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