Posted by
The Central Bank of Nigeria (CBN) has banned nine deposit money banks (DMBs) from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).
According to Channels TV, President Muhammadu Buhari has been briefed on the breach by the banks, and they have all been mandated to move the monies to the treasury single account.
A top Central Bank source confirmed to Channels Television on Tuesday, that President Muhammadu Buhari had been briefed on the matter and the sanctions to be imposed on the defaulting banks.
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, the apex bank said.
The Treasury Single Account of the government was established in August 2015, with the government saying it would help check leakages in the system.
The apex bank’s decision to bar the banks comes two months after it released the highlights of the much awaited flexible foreign exchange market policy.
The highlights, which are key notes and agreements reached by the Central Bank of Nigeria (CBN), were released on Wednesday, weeks after the Monetary Policy Committee announced the introduction of the policy.
After its meeting of May 24, the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.
Gistfans do not claim ownership of any of the Songs and Videos that we upload and any copyright infringement complaints will be executed immediately! It is our policy to honor all take-down requests! Email Us via Gistfansofficials@gmail.com
If you believe that this page has violated your copyrighted/protected material(s), please kindly Contact Us for immediate removal, or mail us at Gistfansofficials@gmail.com stating the content name/URL of the page. Thanks.
To upload your music on Gistfans and get massive download, contact us now:
Whatsapp: 08095459350
Email: Gistfansofficials@gmail.com
| Article Name | Central Bank Of Nigeria CBN Bars Nine Banks From Forex Transactions. |
| Description |
|
| Author Name | Head Admin |
| Published On | 8/23/2016 |
| Post Category |
NEWS AND GOSSIP
|
After dropping your comment, keep calm, it may take minutes before it appears after moderation.
Your comment(s) are appreciated.
You want to get notified when i reply your comment? Kindly tick the Notify Me box.