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Thursday, September 1, 2016

CBN Re-instates Banks Banned From Foreign Exchange Market


The Central Bank of Nigeria (CBN) has re-instated all the
banks that were banned from the foreign exchange market,
the Director, Banking Supervision, Mrs Tokunbo Martins,
has said.
She said this on Wednesday in Abuja at a media briefing,
stating that the decision was reached after a series of
meetings with the body of bank Chief Executive Officers
(CEOs) and the Chartered Institute of Bankers of Nigeria
(CIBN).
“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.
“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 re-instated
in the foreign exchange market.’’
The CIBN President, Prof. Segun Ajibola, said that the
institute was very much interested in what was happening
among all the industry players.
He added that under the aegis of the institute, the body of
bank CEOs was now a formidable platform to look at issues
that were pertinent to the industry and the economy, to
ensure that stakeholders’ interest was protected.
“We will protect the interests of all our stakeholders and
especially the bigger picture, which is Nigeria and its
economy as a whole.

“So it is a happy development and I believe this will further
help to strengthen our system and our economy.’’
The Managing Director of Access Bank, Mr Herbert Wigwe,
said that the body of bank CEOs under the under the
auspices of the CIBN, aims to get banks to work together.
He said that this would ensure that anytime there was a
serious issue in the market, bank CEOs could meet to look
for a way to resolve them.
The News Agency of Nigeria (NAN) reports that that the
CBN had on Tuesday banned nine Deposit Money Banks
(DMBs) from the nation’s foreign exchange market for
failing to remit the sum of 2.3 billion dollars belonging to
NNPC to the Treasury Single Account (TSA).
The CBN then on Thursday re-admitted the United Bank for
Africa (UBA) Plc, saying it had remitted all outstanding
NNPC/NLNG deposits in its possession to NNPC’s TSA at
the CBN.
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