CBN ​lifts forex ban on eight banks

The Central Bank of Nigeria (CBN) has re-instated  eight banks banned  from operating in the country’s foreign exchange market.
   The re-instated Banks are First Bank of Nigeria (FBN), First City Monument Bank Plc, Diamond Bank Plc, Sterling Bank Plc, Skye Bank Plc, Heritage Bank,   Fidelity Bank Plc and Keystone Bank.
  Last week, the apex Bank suspended nine commercial banks from further dealing in foreign exchange transactions over their alleged  refusal to remit over $2.1 Billion to a dedicated Treasury Single Account (TSA) with the CBN.
   The United Bank for Africa (UBA) was later re-admitted to the market.
  The CBN Director, Banking Supervision Department, Tokunbo Martins, announced the reinstatement of the bankson Wednesday  after a meeting between chief executive officers of the affected banks and the Committee of Governors of the CBN under the auspices of the Chartered Institute of Bankers of Nigeria (CIBN).
Martins explained that the decision was taken after the Chief Executive Officers presented an acceptable plan to repay all the outstanding dollars in respect of the Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) deposits in their possession to the Treasury Single Account (TSA).
Martins said: “We have had engagements with the body of CEOs over a number of banks suspended from participation in foreign exchange market. I’m happy to say the ban has been lifted on the banks. As a result, all those banks have been reinstated into foreign exchange market.”