CBN reinstates banks suspended from forex market over Dollar deposit

Central Bank of Nigeria (CBN) has reinstated eight of the nine banks it suspended from the foreign exchange market.

The ninth bank, UBA, returned to the market last week after refunding its NNPC Dollar deposit.

The nine banks were suspended from the forex market for not remitting funds of the Nigerian National Petroleum Corporation (NNPC) totaling $2.3 billion into the treasury single account with CBN.

The apex bank’s director of banking supervision, Mrs Tokunbo Martins who announced this in Abuja, said the decision to reinstate the nine banks in the forex banks, after they submitted plans for repaying the $2.3 billion into TSA.

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