The Central bank of Nigeria (CBN ) has reinstated the nine banks that were recently suspended from the foreign exchange market.
Mrs Tokunbo Martins the CBN Director of Banking Supervision announced the reinstatement of the banks in Abuja on Wednesday.
She explained that the apex bank reached the decision after the banks presented repayments plans.
“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.’’
Recall that nine banks, were suspended last week for failing to remit about $2.3 billion funds of the Nigerian National Petroleum Corporation, NNPC, to the Treasury Single Account, TSA, operated by the federal government.