• CBN bars 9 banks from forex market over non-remission of NNPC’s $2.1bn

    CBN bars 9 banks from forex market over non-remission of NNPC’s $2.1bn

    The Central Bank of Nigeria (CBN) has banned nine deposit money banks (DMBs) from its foreign exchange market following their failure to remit  over $2.1 billion belonging to the Nigerian National Petroleum Corporation (NNPC) into the Treasury Single Account (TSA).

    The suspension comes after the CBN paid $1.2 billion for currency forwards it sold in June at N280 per dollar, thus further draining the nation’s dollar reserves down to $25.7 billion, its lowest in more than 10 years.

    The apex bank, which […]