Nigeria central bank suspends nine banks from FX market, sources say
By Chijioke Ohuocha LAGOS (Reuters) - Nigeria's central bank has suspended nine banks from the interbank currency market for failing to remit money owed to the government, banking sources told Reuters on Tuesday. The suspension comes after the central bank tightened restrictions on the flow of dollars to domestic lenders in March. That has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default. "This is really a function of the dire macroeconomic situation and illiquidity in the FX markets rather than willful non-compliance by banks," said Diran Olojo, a spokesman for FCMB, one of the banks. Olojo said the bank was working with the central bank to
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