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CBN LIFTS BAN

CBN LIFTS BAN

CBN REINSTATES EIGHT BANKS

BY OMOKHUALE PUAH

The Director, Banking Supervision, Mrs. Tokunbo said that the Central Bank of Nigeria (CBN) has lifted Ban from the Foreign Exchange Banks which were suspended in the last week, due to the non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation.

This statement which was made at a media briefing on Wednesday in Abuja was reached after a series of meeting with the body of bank Chief Executive Officers and the Chartered Institute of Bankers in Nigeria.

Mrs. Martins listed the banks which were involved as, First Bank of Nigeria-$469m, Diamond Bank-$287m, Sterling Bank-$269m, Skye Bank PLC-$221m, Fidelity Bank-$209m, Keystone Bank-$139m, First City Monument Bank Plc-$125m and Heritage Bank $85m, saying that the United Bank of Africa which was also suspended last week, was reinstated last week Wednesday, after it remitted the NNPC dollar fund it had in its custody to the TSA.

According to Mrs. Martins, a presentation on the payment plan for their outstanding dollar deposits from NNPC/NLNG in every of their possession to the TSA was made by the CEO’s during the meeting and as a result, all the banks were reinstated.

In the words of Mrs. Martins, “I am happy to announce that the nine banks that were banned has been reinstated, because after the meeting on Wednesday, the CEOs of the various banks and CIBN submitted credible repayment plan, which the CBN has found acceptable”.

In an interview with the president, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola, it was discovered that the institute was highly interested in the happenings of the industry players. “Due to the interest we have at heart, the CIBN in partnership with the Bank CEOs has decided to seek the resolution of the situation for the interest of the Nigerian economy”.

The Managing Director, Access Bank Plc, Mr. Herbert Wigwe has promised that the affected banks would fully be up and doing, as regards the new repayment plan.

 

In accordance with his words, under the auspices of the CIBN, the body of banks would work together so as to ensure that when there is a serious issue, the CEOs can meet to discuss tactics and objectives.

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CBN BANS FOREX MARKET

CBN BANS FOREX MARKET

CBN BANS NINE BANKS FROM FOREX MARKET

By: OMOKHUAL PUAH

Central bank of Nigeria (CBN) has on Tuesday barred nine banks from the Forex Trading Market, for refusing to remit a total of $2.334 billion to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

In a briefing with the Nigeria President Muhammadu Buhari, each of the nine affected banks have been mandated to move their monies into the TSA as they await the prospects of further fines.

In a report by THISDAY Tuesday afternoon, the nine suspended banks include the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc -$221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

The suspension which started after CBN restricted the flow of dollars to commercial banks in March has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default.

In the words of Diran Olojo, a spokesman for First City Monument Bank (FCMB), “it is the problem of dire macroeconomic situation and illiquidity in the forex markets, not a willful non- compliance by the banks and the banks are working hard with the CBN to resolve the issue”.

In an appeal made by the executives of the affected banks, it was stated that “the remittances were delayed by the dollar illiquidity of the Nigerian system and so, the CBN should sell us the dollars, by debiting our various accounts so that we could return the monies to the TSA”.

The executives further pleaded that the CBN gives them more time to refund the huge amounts, because “a large amount of the funds were loaned to the power sector, oil sector and the gas sector. Since the most amount was issued to the international oil companies (IOCs) to patch up the government failures in terms of arrears, the government should try to fund its cash calls obligations, so that the IOCs will be able to refund us and in turn remit the TSA”.

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