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CBN Re-instates Banks Banned From Foreign Exchange Market - Politics - Nairaland

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CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 4:23pm On Aug 31, 2016
The Central Bank of Nigeria has re-instated all the banks that were banned from the foreign exchange market, the Director, Banking Supervision, Mrs Tokunbo Martins, has said.

She said this on Wednesday in Abuja at a media briefing, stating that the decision was reached after a series of meetings with the body of bank Chief Executive Officers and the Chartered Institute of Bankers of Nigeria.

“Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.

“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

“So as a result of that, all those banks have been re-instated in the foreign exchange market.”

The CIBN President, Prof. Segun Ajibola, said that the institute was very much interested in what was happening among all the industry players.

He added that under the aegis of the institute, the body of bank CEOs was now a formidable platform to look at issues that were pertinent to the industry and the economy, to ensure that stakeholders’ interest was protected.

“We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.

“So it is a happy development and I believe this will further help to strengthen our system and our economy.”

The Managing Director of Access Bank, Mr Herbert Wigwe, said that the body of bank CEOs under the under the auspices of the CIBN, aims to get banks to work together.

He said that this would ensure that anytime there was a serious issue in the market, bank CEOs could meet to look for a way to resolve them.

The CBN had on Tuesday banned nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the Treasury Single Account.

The CBN then on Thursday re-admitted the United Bank for Africa Plc, saying it had remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s TSA at the CBN.

Cc: lalasticlala
http://punchng.com/cbn-re-instates-banks-banned-foreign-exchange-market/

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by SweetLove0(f): 4:29pm On Aug 31, 2016
Buhari Sef
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by Nobody: 4:31pm On Aug 31, 2016
Foolishness is when you act before thinking. The people running the economy of this country are jokers and will surely take this country on the road to Zimbabwe or Venezuela. The ill advised ban of these banks from forex market caused more harms than good. When I wrote last week that there is no way CBN will sustain the ban, some people were castigating me.
If only people know how bad our economy is now.............

2 Likes

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 4:34pm On Aug 31, 2016
egbonnla:
Foolishness is when you act before thinking. The people running the economy of this country are jokers and will surely take this country on the road to Zimbabwe or Venezuela. The ill advised ban of these banks from forex market caused more harms than good. When I wrote last week that there is no way CBN will sustain the ban, some people were castigating me.
If only people know how bad our economy is now.............

Hmmm. I think you have a point my brother. The CBN banned those Banks from foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the Treasury Single Account But was due process followed? Emefiele and Kemi Adeosun should better look before they leap.
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by seunmsg(m): 4:52pm On Aug 31, 2016
DONSMITH123:


Hmmm. I think you have a point my brother. The CBN banned those Banks from foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the Treasury Single Account But was due process followed? Emefiele and Kemi Adeosun should better look before they leap.

What's Kemi Adeosun's business with the decision of the CBN to ban erring banks from forex market?

3 Likes

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 4:55pm On Aug 31, 2016
seunmsg:


What's Kemi Adeosun's business with the decision of the CBN to ban erring banks from forex market?

Oga, can we talk about Nigeria Economy today without calling primary school teacher kemi?

Buhari has failed you. no vex

2 Likes

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by jesse8048(m): 5:03pm On Aug 31, 2016
APC- the trial and error government.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by seunmsg(m): 5:06pm On Aug 31, 2016
egbonnla:
Foolishness is when you act before thinking. The people running the economy of this country are jokers and will surely take this country on the road to Zimbabwe or Venezuela. The ill advised ban of these banks from forex market caused more harms than good. When I wrote last week that there is no way CBN will sustain the ban, some people were castigating me.
If only people know how bad our economy is now.............


CBN have their reasons for banning the banks from operating in the forex market and now that the banks have all submitted credible repayment plans which the CBN found acceptable, the best decision is to reverse the initial ban.

If CBN did not wield the big stick, would the erring banks have come up with a repayment plan? CBN had engaged these banks for over a year now without any meaningful result. Fact is, without the ban, the banks would have continued playing hide and seek with CBN and thereby denying Nigeria over $2.3billion revenue. We should commend the CBN for this and not keep abusing them for no reason. Government revenue is meant for government and not for banks to hold on to illegally.

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Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 5:08pm On Aug 31, 2016
seunmsg:



CBN have their reasons for banning the banks from operating in the forex market and now that the banks have all submitted credible repayment plans which the CBN found acceptable, the best decision is to reverse the initial ban.

If CBN did not wield the big stick, would the erring banks have come up with a repayment plan? CBN had engaged these banks for over a year now without any meaningful result. Fact is, without the ban, the banks would have continued playing hide and seek with CBN and thereby denying Nigeria over $2.3billion revenue. We should commend the CBN for this and not keep abusing them for no reason. Government revenue is meant for government and not for banks to hold on to illegally.

The question here is why starting what you can't finish?

2 Likes

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by seunmsg(m): 5:14pm On Aug 31, 2016
DONSMITH123:


Oga, can we talk about Nigeria Economy today without calling primary school teacher kemi?

Buhari has failed you. no vex

Call her whatever you like, she remains the minister of finance of the country and God willing, she will remain so till 2019.

Also note that the finance minister does not meddle in the regulatory duties of the CBN over DMB'S, trying to drag her into a decision that was taken solely by the CBN is very wrong and unfair.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by seunmsg(m): 5:17pm On Aug 31, 2016
DONSMITH123:


The question here is why starting what you can't finish?

Below is what CBN achieved with the ban.


“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 5:19pm On Aug 31, 2016
seunmsg:


Call her whatever you like, she remains the minister of finance of the country and God willing, she will remain so till 2019.

Also note that the finance minister does not meddle in the regulatory duties of the CBN over DMB'S, trying to drag her into a decision that was taken solely by the CBN is very wrong and unfair.

Oga, keep defending this government. Nigerians are suffering and time will come they will be force to chase whoever that's occupying Aso Rock out.

A stitched in time.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 5:20pm On Aug 31, 2016
seunmsg:


Below is what CBN achieved with the ban.


“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.



How much is dollar today compare to 2015?
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by 989900: 5:22pm On Aug 31, 2016
DONSMITH123:


[s]The question here is why starting what you can't finish?[/s]
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by OsusuMustFlow(f): 5:23pm On Aug 31, 2016
APC- SHAME
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by Emekamex(m): 5:23pm On Aug 31, 2016
The stupid CBN has seen that the ban caused the naira to depreciate further to 420 naira to a dollar. It is better they see the long term impact of a policy before adopting it. Policy somersault and reversals within a short period scares away investors, policy stability is the key to economic growth.

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by OsusuMustFlow(f): 5:24pm On Aug 31, 2016
SweetLove0:
Buhari Sef
OsusuMustFlow:
APC- SHAME
jesse8048:
APC- the trial and error government.
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by 989900: 5:26pm On Aug 31, 2016
seunmsg:



CBN have their reasons for banning the banks from operating in the forex market and now that the banks have all submitted credible repayment plans which the CBN found acceptable, the best decision is to reverse the initial ban.

If CBN did not wield the big stick, would the erring banks have come up with a repayment plan? CBN had engaged these banks for over a year now without any meaningful result. Fact is, without the ban, the banks would have continued playing hide and seek with CBN and thereby denying Nigeria over $2.3billion revenue. We should commend the CBN for this and not keep abusing them for no reason. Government revenue is meant for government and not for banks to hold on to illegally.

Quit talking to 'bricks'; ask them what they would have done differently in this situation, and they can't; best scenario, they'd come up with lame @$$ inconsequential garbage.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 5:27pm On Aug 31, 2016
Emekamex:
The stupid CBN has seen that the ban caused the naira to depreciate further to 420 naira to a dollar. It is better they see the long term impact of a policy before adopting it. Policy somersault and reversals within a short period scares away investors, policy stability is the key to economic growth.

YOU MIND THEM?

And we have people here defending them.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by Mariory(m): 5:28pm On Aug 31, 2016
DONSMITH123:


Oga, keep defending this government. Nigerians are suffering and time will come they will be force to chase whoever that's occupying Aso Rock out.

A stitched in time.

No one's chasing anyone out no matter how hard you wish it. The current government will serve until 2019. Get used to it.

1 Like

Re: CBN Re-instates Banks Banned From Foreign Exchange Market by DONSMITH123(m): 5:28pm On Aug 31, 2016
Mariory:


No one's chasing anyone out no matter how hard you wish it. The current government will serve until 2019. Get used to it.

suffering and smiling.
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by Mariory(m): 5:30pm On Aug 31, 2016
DONSMITH123:


suffering and smiling.

Just as it was before.
Re: CBN Re-instates Banks Banned From Foreign Exchange Market by seunmsg(m): 5:31pm On Aug 31, 2016
DONSMITH123:


Oga, keep defending this government. Nigerians are suffering and time will come they will be force to chase whoever that's occupying Aso Rock out.

A stitched in time.

I am not defending anybody here. This thread is about CBN's decision to re-admit nine banks that were previously banned from the forex market, stay on topic and stop derailing. Also, learn to apportion blame accordingly. Blaming Adeosun for CBN's decision appears very silly to me.

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