ABUJA – The eight banks banned from participation in the foreign exchange market have been reinstated, the Central Bank of Nigeria, CBN has announced.
Tokunbo Martins, the Director, Banking Supervision of the CBN, made this known on Wednesday in Abuja, while briefing the press.
Prompt News Online recalls that Nigeria’s Apex Bank had on Tuesday banned nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit $2.3 billion belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account.
However, the CBN on Thursday, readmitted the United Bank for Africa Plc, after verifying that it actually remitted all outstanding NNPC/NLNG deposits into NNPC’s TSA at the CBN.
According to Martins, the decision to readmit the eight others banks was reached sequel to series of talks with the body of bank Chief Executive Officers and the Chartered Institute of Bankers of Nigeria.
“Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.
“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.
“So as a result of that, all those banks have been re-instated in the foreign exchange market,” Martins said.
Also speaking the CIBN President, Prof. Segun Ajibola, said “We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.
“So it is a happy development and I believe this will further help to strengthen our system and our economy.”
