The Central Bank of Nigeria, CBN, has reinstated the nine banks recently suspended from the foreign exchange market for allegedly failing to remit about $ 2.3 billion fund of the Nigerian National Petroleum Corporation, NNPC, to the Treasury Single Account, TSA, of the federal government.
The CBN Director of Banking Supervision, Mrs. Tokunbo Martins, announced the reinstatement in Abuja, she explained that the apex bank took the decision after the banks presented repayments plans.
Mrs. Martins said: “You will recall that a while ago, a number of banks were suspended from the foreign exchange market and since then, I have received some inquiries, some of you have sent me text messages asking what is going on.
Well, we had engagements with the body of CEOs and they have been interacting among themselves and I am happy to tell you that the banks that were banned are being released from the ban.
And the reason is because all the banks, after discussions and engagements under the auspices of the Body of CEOs at the Chartered Institute of Bankers, CIBN, submitted creditable repayment plans which the CBN considered acceptable.
So, as a result of that, all those banks have been reinstated in the foreign exchange market.”
The President of CIBN, Prof. Segun Ajibola, added saying, “The Chartered Institute of Bankers of Nigeria is very much interested in what is happening among all the players now.”
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