CBN Lifts Forex Ban On Eight Suspended Banks

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

 The Central of Nigeria (CBN) has lifted the ban on eight banks earlier sanctioned for foreign exchange sharp practices.

The Director of Banking Supervision at CBN, Mrs Tokunbo Martins told journalists in Abuja that the Apex Bank took the decision following the receipt of proposal for a repayment plan by the affected banks.

Last week, the CBN banned nine banks from the foreign exchange market, for hiding over $2 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

But the ban on United Bank for Africa (UBA) Plc, one of the affected banks, was lifted after the lender remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp