List of banks barred from forex transactions by Central Bank of Nigeria

The commercial banks, whose suspension would remain in force until they remit all funds to the TSA according according to the Central bank includes:

United Bank for Africa (UBA) -$530m;

First Bank of Nigeria (FBN)- $469m;

Diamond Bank Plc-$287m;

Sterling Bank Plc-$269m; Sky Bank Plc -$221m;

Fidelity Bank -$209m; Keystone Bank- $139;

First City Monument Bank (FCMB) -$125m;

Heritage Bank-$85m

It will be recalled that CBN had couple of months ago, released the highlights of the much awaited flexible foreign exchange market policy, which according to report, followed the investigation revealed.

The highlights, which are key notes and agreements reached by the Central Bank of Nigeria (CBN), were released on Wednesday, weeks after the Monetary Policy Committee announced the introduction of the policy.

After its meeting of May 24, the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.