The Central Bank of Nigeria (CBN) has barred eight banks from all foreign exchange transactions for breach of extant financial regulations
Thisday, exclusively gathered that they were barred for concealing and failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the Presidency last year.
The banks are
1. United Bank for Africa (UBA) $530m;
2. First Bank of Nigeria (FBN) $469m;
3. Diamond Bank Plc ($287m);
4. Sterling Bank Plc ($269m);
5. Skye Bank Plc ($221m)
6. Keystone Bank ($139);
7. First City Monument Bank, FCMB, ($125m)
8. Heritage Bank ($85m).
The CBN sources told Thisday that further disciplinary actions awaited the erring banks after remitting the funds in full to the government’s covers.
