Abuja - The Central Bank of Nigeria (CBN) has reinstated the nine commercial banks that were recently suspended from the foreign exchange (Forex) market, reports Vanguard
The banks were barred from the market on August 23 for allegedly hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account.
The banks are: First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m),reports News 24.
The reinstatement of the banks was announced in Abuja on Wednesday by the CBN Director of Banking Supervision, Tokunbo Martins.
Also read: Banks to be sanctioned for illegal forex transactions
She explained that the apex bank reached the decision after the banks presented repayments plans.
- News 24