The Central Bank of Nigeria on Tuesday barred First Bank of Nigeria, United Bank for Africa, First City Monument Bank and six other banks from the foreign exchange market. The ban is due to the banks’ failure to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account. President Muhammad Buhari had last September ordered all the DMBs in the country to remit all Federal Government funds to the TSA.
The full list includes: 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).
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