Fresh Trouble for Nigerian Banks- CBN Bars Nine Commercial Banks

Fashion home!
This year has not been a good one for most banks at all and CBN doesn't seem to look back while lashing at erring banks. The Central Bank of Nigeria barred nine Commercial Banks from foreign exchange transactions.

It was gathered that these banks were barred due to the fact that they failed to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the Federal Government's Treasury Single Account with CBN.

The banks affected in this suspension include; 

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. 

I am still very shocked and a bit confuse at this news especially for the fact that some banks were punished for this same offence some time ago. 

Trust iBankNg to bring more details of this gist as it unfolds.


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