As its image and reputation continues to dwindle, First Bank of Nigerian (FBN), and Skye Bank Plc have been listed among the banks barred from Foreign Exchange transactions.
The afore mentioned banks and others such as Heritage Bank and Keystone Bank among others were barred by the Central Bank of Nigeria (CBN), from Foreign Exchange transactions after defaulting in remitting funds from the account of the Nigerian National Petroleum Corporation (NNPC), into the Treasury Single Account (TSA).
FBN failed to remit the sum of $ 469 million, while Skye Bank Plc refused to remit $ 261 million.
In the past, Skye Bank Plc has been quoted as saying it has remitted all NNPC money in its account into the TSA.
According to a statement signed by Skye Bank Plc’s Head of Strategic Brand Management, Nduneche Ezurike, the bank remitted the said funds since October 2015. Ezurike made this statement while debunking allegation by the Economic and Financial Crimes Commission (EFCC), that the bank had not remitted a total sum of 6.2 billion Naira. Skye Bank Plc’s statement has now been proven to be a falsehood in totality.
First Bank of Nigeria (FBN), on its part was fined the sum of N 1, 887, 409, 905.12 for non remittance of the same funds in October 2015.
Time will however tell the implication of this sanction on the mentioned bank whoes mainstay has been Foreign Exchange transactions.
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