FX Trade Suspension: Bank Chiefs meet CBN

Nigerian Commercial Bank Executives are on Wednesday meeting officials of the Central Bank of Nigeria (CBN) on the suspension of some Nigerian banks from Foreign Exchange trade, Reuters news agency is reporting.

The Agency, which quoted anonymous banking sources, added that the meeting is coming a day after the “central bank suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government.”

It would be recalled that the central bank suspended FCMB, First Bank , United Bank for Africa (UBA), Heritage Bank, Keystone Bank, Skye Bank, Diamond Bank , Sterling Bank, and Fidelity Bank on Tuesday for withholding government dollars from the national treasury.

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“The interbank market opened with no deals, until three minutes before the end of the session on Wednesday, when the central bank intervened with dollar sales, traders said.”

 

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