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Nine Banks Suspended From Forex Market Get Reinstated

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SAN FRANCISCO, August 31, (THEWILL) – The nine commercial banks that were recently suspended from trading in the foreign exchange, forex, market by the Central Bank of Nigeria, CBN, have been reinstated.

This was announced in Abuja on Wednesday by the CBN Director of Banking Supervision, Mrs. Tokunbo Martins, who explained that the decision was taken after the defaulting banks presented repayments plans.

Last week, the banks were suspended from dealing in forex for failing to remit about $2.3 billion of the Nigerian National Petroleum Corporation, NNPC funds to the Treasury Single Account, TSA, of the federal government.