Central Bank of Nigeria Suspends 9 Banks from Forex Market

[kreslik.news]

Finance Magnates has learned that CBN, Nigeria’s central bank, has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to a report in Reuters today.

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Suspension in Force

A director at one of the affected lenders said his bank informed all board members of the suspension on Tuesday, adding it held $125 million of the total sum.

The suspension follows the tightening of restrictions by the central bank on the flow of dollars to domestic lenders in March ... (read more)