Wednesday, 31 August 2016

Foreign Exchange market: CBN lifts ban on 9 banks

The Central Bank of Nigeria on Wednesday lifted the ban placed on the 9 commercial banks to allow them to do foreign exchange transactions.

The CBN last week banned the 9
banks from the foreign exchange market for hiding over $2 billion belonging to the Nigerian National
Petroleum Corporation (NNPC) and Nigeria Liquefied Natural Gas (NLNG).

The banks are :

*United Bank for Africa-
-$530m,
* First Bank of Nigeria-$469m,
* Diamond Bank Plc-$287m,
* Sterling Bank Plc-$269m,
* Skye Bank Plc -$221m,
* Fidelity Bank -$209m,
*Keystone Bank- $139,
* First City Monument Bank - $125m and
*Heritage Bank -$85m

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