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Business & Finance

CBN Bars 8 Banks From All Forex Transactions

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The Central Bank of Nigeria (CBN) has barred eight banks from all foreign exchange transactions for breach of extant financial regulations

Thisday, exclusively gathered that they were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.

The banks are

United Bank for Africa (UBA) $530m;

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First Bank of Nigeria (FBN) $469m;

Diamond Bank Plc ($287m);

Sterling Bank Plc ($269m);

Sky Bank Plc ($221m)

Keystone Bank ($139);

First City Monument Bank (FCMB) $125m; and

Heritage Bank ($85m).

The CBN sources told Thisday that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s covers.


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