The Central Bank of Nigeria (CBN) has barred nine banks from all foreign exchange transactions as punishment for their failure to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN.
President Buhari had in the one of the very first major steps of his administration ordered that all the ministries, departments and agencies should poll their funds into the TSA.
But the culprit banks in brasen dis regard of the directives of the government policy and extant , 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).
It was learnt that the banks will face further disciplinary actions after remitting the funds in full to the government’s coffers.
