$2.3bn NNPC Funds: CBN Bars 9 Banks From Forex Market

The Central Bank of Nigeria on Tuesday barred nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National

Petroleum Corporation to the Treasury Single Account.The banks are: First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity
Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).Officials of the CBN officials told Punch correspondent that the sanction would remain until the DMBs could remit the funds to the CBN.The officials further said the further disciplinary actions awaited the errant banks after remitting the funds in full to the Federal Government’s coffers. It was learnt that some bank executives were meeting with the CBN Governor, Mr. Godwin Emefiele, over the development.
Punch