Diamond Bank has reacted to the announcement by the Central Bank of Nigeria (CBN) that nine banks (including Diamond Bank) have been suspended from the foreign exchange market for failing to remit government funds in its coffers to the Treasury Single Account (TSA).
According to the CBN, the banks failed to remit a total of $2.3billion NNPC funds to the TSA as directed by the Federal Government last September.
Diamond bank has however reacted. It’s statement reads:
The Central Bank of Nigeria recently announced a temporary suspension of nine commercial banks, including Diamond Bank, from accessing the foreign exchange market. This is related to the Treasury Single Account (TSA) directive, where banks no longer hold funds from government entities and instead remit to the CBN at the end of each day.
As a financial institution built on a foundation of sound corporate governance, we have always made full disclosure of the outstanding TSA funds and have worked diligently to fulfill our obligations. We will continue to remit funds towards our commitments to the CBN, even under these challenging market conditions.
We are engaging with relevant stakeholders, with the support of the Regulator, to resolve this industry-wide issue quickly. We understand the importance of helping our customers to find foreign exchange to help promote economic growth in Nigeria.
Many of our customers who have read the news about developments in the industry have asked us what this means for them. So we think it is important to share information with you.
For the majority of banking customers there will be no impact at all. There will be some impact on establishing new trade lines through the foreign exchange market and your relationship manager will be able to help you with best-advice if you need to do this. This development does not affect customers’ own deposits, both local and those in foreign currency. It also means that services such as payments – local and international, will go through as normal whenever you need to make them. Remittance services continue as normal and you can transact anywhere in the world, any time of the day, on your mobile application or internet banking.
Our primary responsibility is to you, our customer. Whether that is getting a great rate on savings for the future, cards to remove the hassle of making payments, access to finance or advice for growing your business.
You can contact us at any time through our 24 hour contact center on 0700 300 0000, send an SMS to 30811 or an email to firstname.lastname@example.org. You may also talk to our people at your nearest branch.
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