Banks’ CEOs Intervene on Ban of Nine Banks from Forex Trading – Thisday

CBN

The Body of Banks’ Chief Executive Officers on Thursday met in Lagos to review the current developments in the industry, especially issues around the ban imposed on nine commercial banks by the Central Bank of Nigeria (CBN), barring them from participating in the foreign exchange market.

At the end of the meeting, which was presided over by the chairman of the body and CEO of Access Bank Plc, Mr. Herbert Wigwe, the body agreed to work closely with the CBN to address the issue that led to the ban in a manner that would protect the stability of the industry, as well as to ensure proper conduct in the optimisation of the foreign exchange market.

The Central Bank of Nigeria (CBN) on Tuesday barred nine banks from participating in the forex market for not remitting a total of $2.334 billion Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA).

It enforced the sanction by not selling dollars to the financial institutions when it intervened on the interbank foreign exchange market on Wednesday.

The affected banks were: the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc — $221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

Read more at http://www.thisdaylive.com/index.php/2016/08/26/banks-ceos-intervene-on-ban-of-nine-banks-from-forex-trading/