Central Bank of Nigeria reportedly suspended nine banks

                                     
Central bank of Nigeria CBN has suspended nine banks from inter-bank currency market for failing to remit money owed to the government, according to reports.

The suspension came after the central bank tightened restrictions on the flow of dollars to domestic lenders in March. That has forced some Nigerian banks to delay hard-currency loan and trade repayments and increased their risk of default.


                                     
These banks have failed to remit about $2.1 billion to government account at the central bank. $2.1 billion is the government's share of dividends from the state owned gas company, NLNG.

These banks are FCMB, Skye bank, Keystone bank, Zenith bank, First bank, Diamond bank, Stanbic IBTC, UBA, and GTB. Failure to remit government's share of dividends to central bank could lead to permanent suspension of these banks.