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Central Bank of Nigeria suspends nine banks from Interbank Currency Market

The Central Bank of Nigeria has suspended nine banks from Interbank Currency Market for failing to remit funds to the Treasury Single Account, TSA.

The suspension comes after the CBN tightened restrictions on the flow of foreign exchange to domestic leaders in March, a situation that has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default.

According to reports, the nine banks failed to remit two point one billion dollars which is the government’s share of dividends from the NLNG and some proceeds from the NNPC.

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