CBN lifts suspension on banks from Forex trading

The Central Bank of Nigeria, CBN, has lifted the ban placed on banks suspended from dealing in foreign exchange.

The lift of the ban was announced by the CBN Director Banking Supervision, Mrs Tokunbo Martins.

Martins stated this at a press briefing in Abuja, adding that the decision was taken after a series of meetings with the body of bank Chief Executive Officers, CEOs and the Chartered Institute of Bankers of Nigeria, CIBN.

Martins said: “Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.

“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

“So as a result of that, all those banks have been re-instated in the foreign exchange market.’’

Speaking at the press briefing, the CIBN President, Prof. Segun Ajibola, disclosed that the institute was very much interested in what was happening among all the industry players, adding that under the aegis of the institute, the body of bank CEOs was now a formidable platform to look at issues that were pertinent to the industry and the economy, to ensure that stakeholders’ interest was protected.

Ajibola said: “We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.

“So it is a happy development and I believe this will further help to strengthen our system and our economy.’’

By Timothy Enietan-Matthews

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now