Wednesday, August 31, 2016

CBN reinstates 9 banks suspended from forex market

The Central Bank of Nigeria, CBN, has reinstated the nine commercial banks that were recently suspended from the foreign exchange, forex, market.
The reinstatement of the banks was announced in Abuja on Wednesday by the CBN Director of Banking Supervision, Mrs. Tokunbo Martins.


She explained that the apex bank reached the decision after the banks presented repayments plans.


Recall that the banks were suspended last week for failing to remit about $2.3 billion funds of the Nigerian National Petroleum Corporation, NNPC, to the Treasury Single Account, TSA, operated by the federal government.

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