Nigeria's Central Bank Bans 9 Local Banks From Trading Forex

August 24, 2016 2:19 PM

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Nigeria's Central Bank has banned nine local banks from trading in foreign exchange, accusing them of withholding $2.1 billion in government funds.

The Central Bank on Tuesday said it would punish banks accused of withholding the money belonging to the state oil company that was to be paid into a single account last year. The effort to fight corruption has deprived most banks of funds.

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