CBN Lifts Forex Ban On Eight Suspended Banks

The Central of Nigeria (CBN) has lifted the ban on eight banks earlier sanctioned for foreign exchange sharp practices.

The Director of Banking Supervision at CBN, Mrs Tokunbo Martins, told journalists in Abuja on Wednesday that the Apex Bank took the decision following the receipt of proposal for a repayment plan by the affected banks.

Last week, the CBN banned nine banks from the foreign exchange market, for hiding over $2 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

But the ban on United Bank for Africa (UBA) Plc, one of the affected banks, was lifted after the lender remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.