CBN Bars 8 Banks From All Forex Transactions, Banks React

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

According to report, the banks 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.

ALSO READ  Halima Abubakar Has Some Wise Words For Single Ladies This Morning


The banks are

United Bank for Africa (UBA) $530m;

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).

However, some of the banks afoementioned have come out to squash rumours of the sanction.

The United Bank of Africa, UBA, has denied media reports that it has been barred from all forex transactions by the Central Bank of Nigeria, CBN.

The Head of Corporate Communications at UBA, Mr. Charles Aigbe, said the bank was not among the banks sanctioned by the CBN.

“Our attention has been drawn to report of the ban of UBA from the foreign exchange market by the CBN over the non-remittance of the NNPC/NLNG dollar deposits,” he said in a statement on Tuesday.

“We wish to state very categorically that UBA has completely remitted all the NNPC/NLNG dollar deposits. We thank all our numerous customers, business partners and other. stakeholders who have reached out to us on account of this report,” he said.

First City Monument Bank, FCMB, also reacted to reports that it has been barred from all foreign exchange transactions by the Central Bank of Nigeria, CBN.

“This is really a function of the dire macroeconomic situation and illiquidity in the FX markets rather than willful non-compliance by banks,” Diran Olojo, a spokesman for FCMB, said according to Reuters.

He added that the bank was working with the central bank to resolve the issue.

Previous ArticleNext Article
Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *