Nice Move! CBN Bar UBA, First Bank, Diamond Bank, FCMB, 5 others from all Foreign Exchange Transactions

The Central Bank of Nigeria, CBN, has barred nine commercial banks from participating in all foreign exchange transactions and operations. According to the apex bank, the commercial banks were barred following their failure to remit into the Treasury Single Account the sum of $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation (NNPC).‎

The nine banks comprise of three tier-one lenders and another six tier-two deposit money banks. All the banks remain barred from foreign exchange operations until they fully remit the NNPC funds into government coffers via the Treasury Single Account. The banks whose suspension would remain in force until they remit all the funds to the TSA 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);
Fidelity Bank ($209m);
Keystone Bank ($139);
First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m)

Nice move! Besides some of these banks is the reason for the failing value of the naira as a result of their consistent exploitations of the black market. They get cheap dollars from CBN and sell it in the black market.