FirstBank, others explain situations over unremitted NNPC funds

Some banks on Wednesday clarified their positions on the alleged suspension from foreign exchange market transactions by the Central Bank of Nigeria (CBN) over alleged non-remittance of NNPC dollar deposits, P.M News reports.


The affected banks expressed their stance in statements and e-mails to customers on Wednesday in Lagos. The banks include FirstBank Ltd., Fidelity, Keystone and Heritage. The banks said that the referenced NNPC dollar accounts were fully disclosed to the CBN.

They also added that the accounts were being operated in line with the regulatory requirements. The banks reassured their stakeholders that the issue was not a function of concealment or willful non-compliance and indicated that they were discussing with the regulators to resolve the issue quickly and ensure their return to the FX market.


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