FCMB Reacts to Being Barred From Forex Transactions by CBN

First City Monument Bank, FCMB, has reacted to reports that it has been barred from all foreign exchange transactions by the Central Bank of Nigeria, CBN.

It was reported on Tuesday that the CBN barred several banks in the country from forex transaction for failing to remit the amount they owed NNPC to the Treasury Single Account.

“This is really a function of the dire macroeconomic situation and illiquidity in the FX markets rather than willful non-compliance by banks,” Diran Olojo, a spokesman for FCMB, said according to Reuters.

He added that the bank was working with the central bank to resolve the issue.