Friday, September 2, 2016
Video - Central Bank of Nigeria lifts ban on nine commercial lenders
The Central Bank of Nigeria says it's lifted the ban placed on nine commercial banks. The ban prevented the lenders from accessing forex through the official interbank forex market. The nine had been suspended for failing to remit funds belonging to the Nigeria National Petroleum Corporation. The ban created tension in the financial system, triggering a crash in the stocks of most of the indicted lenders. The foreign exchange market also reacted negatively with the naira slumping further on the parallel market to close at 420 to the dollar. Industry experts had appealed for leniency to avoid causing a run on the banks.