Why we are withholding NNPC/NLNG dollar funds – FirstBank, FCMB, others

Some banks on Wednesday clarified their positions on their suspension from the foreign exchange market by the Central Bank of Nigeria over alleged non-remittance of the Nigerian National Petroleum Corporation/Nigeria Liquefied Natural Gas foreign currency in their possession.

The affected banks expressed their stance in statements and e-mails to customers on Wednesday in Lagos.

The banks included FirstBank Limited, Fidelity Bank Plc, First City Monument Bank, Keystone Plc and Heritage Bank Plc.

FirstBank, in a statement, said the referenced NNPC dollar accounts were fully disclosed to the CBN.

It said the accounts were being operated in line with the regulatory requirements.

The bank also said tripartite documented discussions had been ongoing among the CBN, NNPC and the bank on the need for domestic retention of those balances.

It said that was as part of measures to ameliorate challenges posed by the lack of FX availability and customers’ inability to source FX to fund their trade finance obligations to the bank.

The bank reassured all its stakeholders that the issue was not a function of concealment or willful non-compliance by the bank.

“We are confident in our ability to meet and honour all our obligations as at when due and are currently in talks with the CBN and other relevant bodies and are positive of an amicable resolution soonest,” said the bank.

Read more at https://www.today.ng/business/172191/withholding-nnpcnlng-dollar-funds-firstbank-fcmb

Source: Today.ng