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Central Bank of Nigeria CBN bars 9 banks from forex market for allegedly hiding $2bn

The banks have all been mandated to move the monies to the  treasury single account.

  • Published:
Central Bank of Nigeria play

Central Bank of Nigeria

(thesheet)

Nine deposit money banks (DMBs) have been barred from the foreign exchange market for allegedly hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

The Central Bank of Nigeria was said to have given the directive on Tuesday, August 23.

The banks have all been mandated to move the monies to the  treasury single account, Channels TV reports.

ALSO READ: CBN Governor says capacity deficits remain challenge to West Africa

It was also gathered that President Muhammadu Buhari have been briefed on the breach by the banks.

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