The Central Bank of Nigeria announced a temporary suspension of Nine Bank's

Yesterday, the Central Bank of Nigeria announced a temporary suspension of FCMB along with eight other commercial banks from access to the foreign exchange market. This suspension is based on the Treasury Single Account Directive, which stops banks from holding funds on behalf of government entities and instead, effect daily remittances to the CBN. this suspension is based on non-payment/transfer of the remaining $125mio

 

 This scenario as result of lack of foreign exchange availability and the prevailing fall in oil prices rather than concealment or wilful non-compliance 

 

This development will have no impact on customers. 

Transactional services such as payments, local and international will continue seamlessly wherever and whenever they are initiated.

 

Remittance services will not be hindered in any way and you can continue to transact in any part of the world, at any time, either on our mobile application platform or via internet banking.

This are list of the nine banks that are affected

1.United Bank for Africa (UBA) -$530m

2.First Bank of Nigeria (FBN)- $469m

3.Diamond Bank Plc-$287m

4.Sterling Bank Plc-$269m

5.Skye Bank Plc -$221m

6.Fidelity Bank -$209m

7.Keystone Bank- $139

8.First City Monument Bank (FCMB) -$125m

9.Heritage Bank-$85m