‘Keystone has always made full disclosure of outstanding TSA Funds’

 

Keystone Bank Limited said it has always made full disclosure of outstanding TSA Funds, and had at various times diligently engaged the Central Bank of Nigeria,CBN, and relevant stakeholders for resolutions to enable the bank fulfil the TSA obligations in the face of challenging market conditions.

Reacting to reports linking the financial institution to banks that are yet to remit their fund, Keystone in a statement said: “Our attention has been drawn to media publications to the effect that the Central Bank of Nigeria (CBN) has excluded some banks including, Keystone Bank Limited (Keystone) from further participation in the Foreign Exchange Market until the issue of non-remittance of funds belonging to the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) is resolved.

The bank said, “We wish to assure you that Keystone has always made full disclosure of outstanding TSA Funds, and had at various times diligently engaged the CBN and relevant stakeholders for resolutions to enable the bank fulfil the TSA obligations in the face of challenging market conditions.

According to the bank, “All our efforts are geared towards very timely resolution as we understand the importance of sourcing foreign exchange for our customers’ needs to support economic growth.

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“Note, however, that this development does not adversely affect your existing transactions with us, except that there will be constraints in establishing new letters of credit until the issue is resolved.

“We enjoin you, therefore, to continue to patronise Keystone as we remain committed to rendering exceptional service on all our other banking products including best rates on deposits, visa card products, electronic banking and mobile banking transfers etc.” The bank stated.

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