Sterling Bank refutes CBN’s non disclosure of Interbank FX Market report

The Sterling Bank has refuted claims that it failed or neglected to disclose at any time, any sum held on behalf of its clients to the regulatory authorities as such balances were fully captured in the relevant regulatory returns.

The bank, while reacting to report that the Central Bank of Nigeria, CBN, has suspended it and other eight banks from participating in the interbank FX market as a result of failure to disclose and remit certain balances held under the Treasury Single Accounts (TSA) on behalf of an agency of the Federal Government of Nigeria, said in actual fact, it went beyond the basic requirement of disclosure and reporting to holding several meetings with the parties involved.

In a statement made available to DailyBells Nigeria, the management of Sterling Bank said, “While the current situation is a broader sector issue arising from the foreign currency illiquidity in the domestic banking sector, Sterling Bank continues to work with its client and the banking regulator to resolve the situation in the shortest possible time;

“We would like to restate that the Bank at all times reported the balances involved to the Central Bank and at no time concealed or refused to remit the funds as documented in several written correspondences;


“Arising from our continuing efforts in this regard, we have reduced the outstanding sum to the current level within a very short period.

“As an institution built on the core values of integrity and sound corporate governance, Sterling Bank has always complied with all regulatory and other operating requirements and the TSA regulation is no exception to this proud record.”


“We take this opportunity to thank all those who have reached out to us with goodwill messages for your understanding and continue to count on your support as we work with the larger banking sector to resolve this matter in the shortest possible time.”

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