Update on FirstBank's FX Restriction

As you may be aware, the Central Bank of Nigeria (CBN) recently announced a temporary suspension of some banks from foreign trading transactions. Contrary, to the media reports that the suspension was related to an alleged concealment of the Treasury Single Account (TSA) funds as directed by the Federal Government, we wish to state that FirstBank is in compliance with the TSA policy requirements, in line with the Federal Government’s directive and continues to remit funds received as and when due.

It is pertinent to note that the referenced NNPC dollar accounts are fully disclosed to the CBN and are being operated in line with regulatory requirements. Tripartite documented discussions have been ongoing between the CBN, NNPC and the Bank on the need for domestic retention of those balances as part of measures to ameliorate challenges posed by the lack of FX availability and customers’ inability to source FX to fund their trade finance obligations to the Bank.

Please be reassured that this issue is not a function of concealment or willful non-compliance by the Bank. As your financial partner, our primary responsibility is to avail you with the best financial solution and we are confident in our ability to meet and honour all our obligations to you. We are currently in talks with the CBN and other relevant bodies and are positive of an amicable resolution soonest.