CBN lifts FX Ban on 9 Commercial Banks Sanctioned Last Week

Fashion home! The Central Bank of Nigeria has lifted the barn on 9 Commercial Banks that were restricted last week for failure to remit $2.12 billion belonging to the Nigerian National Petroleum Corporation (NNPC), into the Treasury Single Account TSA. The nine banks that were affected by this restriction are: 

1) First Bank of Nigeria (FBN) $469m
2) United Bank for Africa (UBA) $530m 
3) Diamond Bank Plc $287m
4)First City Monument Bank (FCMB) $125m 
5) Heritage Bank $85m
6)Sterling Bank Plc $269m
7) Skye Bank Plc $221m
8) Fidelity Bank $209m
9) Keystone Bank $139m 

We learnt that the restriction placed on these nine banks last week from participating on all foreign exchange transactions contributed majorly to the current value of naira to dollar in the country. Recall that the naira crashed immediately after the announcement of the barn was made. The naira which traded today at the parallel market for N418/dollar  is expected to re-gain value in the very near future as a result of this development with the banks.


As expected, u can't punish customers like that