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Wednesday, 24 August 2016

BUSINESS / CRIME NEWS: CBN Suspends 9 Banks from FOREX for Failing to Remit NNPC Funds to TSA

Foreign exchange transaction is a type of currency transaction that involves two countries. Generally, a foreign exchange transaction involves conversion of currency of one country with that of another. The
conversion of currency in a foreign exchange transaction can be performed through buying or selling of goods and services on credit; borrowing or lending funds.

A foreign exchange transaction is usually carried out in foreign exchange markets. An example of a foreign exchange transaction is where a person buys dollars and sells pounds.

In a move to end financial irregularities, Central Bank of Nigeria -has barred 9 Nigerian Banks from all foreign exchange transactions for failing to remit the Nigerian National Petroleum Corporation (NNPC) dollar funds to the federal government’s Treasury Single Account domiciled in the CBN as directed by the presidency last year.

The banks, whose suspension would remain in force until they remit all the funds to the TSA are:
United Bank for Africa (UBA) $530m;
First Bank of Nigeria (FBN) $469m;
Diamond Bank Plc ($287m);
Sterling Bank Plc ($269m);
Sky Bank Plc ($221m);
Fidelity Bank ($209m);
Keystone Bank ($139);
First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).
and Heritage Bank-$85m

Edeson Online News gathered that further disciplinary actions awaits the erring banks after remitting the funds in full to the government’s coffers.
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Johnson Ahile

CBN is dong their job now

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not my biz

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