CBN bans nine banks from forex market

*Accused of concealing NNPC’s $2bn

Central Bank of Nigeria (CBN) has suspended nine banks from participating in the foreign exchange market for concealing over $2 billion fund of the Nigerian National Petroleum Corporation (NNPC).

The apex bank says the $22 billion ought to have been remitted to the Treasury Single Account, and not left in their coffers.

President Buhari is said to have ordered the remittance of the fund into Treasury Single Account of CBN, before their case of the sanctioned nine banks could be considered.

The banks are also accused of taking advantage of the foreign exchange gap between the official and parallel market rates in the foreign exchange market.

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