CBN Lifts Suspension Of Eight Banks Ban From Forex

The Central Bank of Nigeria(CBN) has lifted the suspension of eight banks ban from access of foreign exchange as a result of non-compliance with the Treasury Single Account(TSA) rule

Tokunbo Martins, director of the Central Bank of Nigeria (CBN speaking on Wednesday at a media briefing in Abuja, Martins said the decision was reached after a series of meetings with the body of bank chief executive officers and the Chartered Institute of Bankers of Nigeria.

“Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban,” she said.

“And the reason is because all of the banks, after discussions and engagements under the auspices of the body of CEOs and the CIBN, have all submitted credible repayment plans which we, the CBN, found acceptable.

“So as a result of that, all those banks have been reinstated in the foreign exchange market.”

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