The relevant bank of Nigeria (CBN) has banned 9 deposit cash banks (DMBs) from the forex market, for hiding over $2 billion belonging to Nigerian national Petroleum manufacturer (NNPC) from the Treasury Single Account (TSA).
In step with Channels tv, President Muhammadu Buhari has been briefed on the breach by the banks, and they have got all been mandated to maneuver the monies to the treasury single account.
A top critical financial institution source validated to Channels television on Tuesday, that President Muhammadu Buhari had been briefed on the matter and the sanctions to be imposed on the defaulting banks.
The 9 banks incorporate of three tier-one lenders and an extra six tier-two deposit cash banks.
All the banks stay barred from currency trading operations until they utterly remit the NNPC cash into govt coffers through the Treasury Single Account, the apex bank stated.
The Treasury Single Account of the federal government was once founded in August 2015, with the federal government saying it might aid examine leakages within the process.
The apex bank’s resolution to bar the banks comes two months after it released the highlights of the much awaited bendy foreign exchange market policy.
The highlights, which are key notes and agreements reached through the principal bank of Nigeria (CBN), have been launched on Wednesday, weeks after the fiscal policy Committee introduced the introduction of the policy.
After its meeting of may 24, the CBN stated the coverage would allow the bank keep a small part of currency trading for imperative transactions.
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