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CBN Bars UBA, First Bank, FCMB from Forex Transactions

The Central Bank of Nigeria [CBN] yesterday barred United Bank for Africa [UBA], First Bank of Nigeria, First City Monument Bank [FCMB] and six other banks from all forms of foreign exchange transactions in the country until they remit all funds in their possession to the Treasury Single Account [TSA].

The CBN warned that the suspension of the banks will remain in force until they remit such funds.

Below is the list of banks barred by the CBN and the amount standing against them:

  • United Bank for Africa (UBA) -$530m;
  • First Bank of Nigeria (FBN)- $469m;
  • Diamond Bank Plc-$287m;
  • Sterling Bank Plc-$269m;
  • Skye Bank Plc -$221m;
  • Fidelity Bank -$209m;
  • Keystone Bank- $139;
  • First City Monument Bank (FCMB) -$125m
  • Heritage Bank-$85m
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