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Here are the 9 banks CBN barred from forex market


The Central Bank of Nigeria has barred eight banks from foreign exchange transactions for concealing and failing to remit $2.334 billion of Nigeria National Petroleum Corporation’s funds to the government’s Single Treasury Account.

For ignoring the directive, they are barred from accessing the forex market with more sanctions on the way after the money is remitted.

The directive on TSA, domiciled with CBN, was issued by the Presidency last year.

Here are the banks

1. United Bank for Africa – $530 million

2. First Bank of Nigeria – $469 million

3. Diamond Bank – $287 million

4. Sterling Bank – $269 million

5. Skye Bank – $221 million

6. Fidelity Bank – $209 million

7. Keystone Bank – $139 million

8. First City Monument Bank – $ 125 million

9. Heritage Bank – $85 million

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