9 Commercial Banks Barred by CBN from Participating in Forex Trading

Nine Nigeria commercial banks have been barred by The Central Bank of Nigeria, CBN, from participating in all foreign exchange transactions and operations. Apex Bank reported that the commercial banks were barred following their failure to remit into the Treasury Single Account the sum of $2.12 billion belonging to the nation’s oil corporation, the Nigerian National Petroleum Corporation (NNPC). The nine banks comprise of three tier-one lenders and another six tier-two deposit money banks. All the banks remain barred from foreign exchange operations until they fully remit the NNPC funds into government coffers via the Treasury Single Account.