Nine deposit money banks (DMBs) have been barred from the foreign exchange market for allegedly hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA), Punch reports.
The Central Bank of Nigeria was said to have given the directive on Tuesday, August 23.
The banks have all been mandated to move the monies to the treasury single account.
The banks are: First Bank of Nigeria Limited ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); United Bank for Africa ($530m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).
Officials of the CBN officials said that the sanction would stay until the DMBs could remit the funds to the CBN.
It was also gathered that President Muhammadu Buhari have been briefed on the breach by the banks.
News24 earlier reported that the Central Bank of Nigeria accused banks of buying and selling forex without following stipulated guidelines.
Acting Director, Trade & Exchange, W.D. Gotring, in a circular to authorised dealers titled: Re: Transactions in ‘Free Funds’ by Authorised Dealers’, accused banks of buying and selling forex without following stipulated guidelines.
