Just In: CBN reinstates banks suspended from forex trade

The Central Bank of Nigeria (CBN) on Wednesday reinstated nine banks that were recently suspended from the foreign exchange market over non-remittance of oil money.

The apex bank’s Director of Banking Supervision, Tokunbo Martins said in Abuja that the banks were reinstated after presenting repayment plans.

The Nine banks were suspended last week for not remitting about $2.3 billion from the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA).

“Well, 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,” she said.

 

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