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FirstBank and others clarify positions on CBN’s forex sanction

FirstBank

Some banks have clarified their positions on the alleged suspension from the foreign exchange market transaction by the Central Bank of Nigeria (CBN) over alleged non-remittance of the NNPC dollar deposits.

The affected banks expressed their stance in statements and e-mails to customers in Lagos.

The banks include the FirstBank Ltd., Fidelity, Keystone and Heritage.

FirstBank in a statement, said that the referenced NNPC dollar accounts were fully disclosed to the CBN.
It said that accounts were being operated in line with the regulatory requirements.

The bank also said that tripartite documented discussions had been ongoing between the CBN, NNPC and the bank on the need for domestic retention of those balances.

It said that was as part of measures to ameliorate challenges posed by the lack of FX availability, and customers’ inability to source FX to fund their trade finance obligations to the bank.

The bank reassured all its stakeholders that the issue was not a function of concealment or wilful non-compliance by the bank.

Paul

The author Paul