Business & Finance

CBN Meets Bank CEOs Over Forex Ban


The Central Bank of Nigeria (CBN) will today meet with the Body of Bank Chief Executive Officers.

The meeting is initiated following which it will consider the plea by eight bank executives whose institutions were suspended from the foreign exchange (FX) market last Tuesday

Nine banks were initially suspended from participating in the FX market by the CBN last Tuesday for failing to return $2.334 billion belonging to the NNPC/NLNG to the TSA, despite the federal government’s directive since August last year that all government deposits must be remitted to the account by September 15, 2015.

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United Bank for Africa (UBA) Plc, which complied last week by refunding $530 million to the TSA, has since been re-admitted into the FX market.

A top CBN source told Thisday Newspaper that the central bank was considering the request by the CEOs of the affected banks after the meeting held with them last week following their suspension from the FX market.

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