Fidelity Bank Clarifies Suspension from FX Market By CBN

In it swift reaction to the suspension slammed against it by the regulatory Central Bank of Nigeria, CBN, the management of Fidelity bank debunks some of the erroneous publications by some sections of the media.

” You might have read about the recent developments in the industry where the Central Bank of Nigeria (CBN) announced a temporary suspension of nine commercial banks from the foreign exchange market due to the non-remittance of NNPC/NLNG deposits.

We will like to clarify that these deposits were duly reported to the CBN by Fidelity Bank in line with the extant TSA requirements contrary to the erroneous view in certain media reports that the funds were concealed from the regulators.

At the commencement of the Treasury Single Account (TSA) in 2015, Fidelity bank advised NNPC and the regulators with a schedule of repayment for the NNPC/NLNG Dividend dollar deposits.”

The bank’s management said that “Fidelity bank has repaid over $288m of these funds in line with the advised repayment schedule”.

It therefore urges it numerous customers to continue operating their domiciliary accounts with Fidelity and that this development will not affect deposits/loans (local and foreign currency), remittances, transactional services and electronic banking services.

“Although the market condition remains quite challenging, we will continue to honour our obligations and operate with the highest level of corporate governance.

In the interim we are engaging with the other 8 banks involved, stakeholders and the regulators to resolve this issue quickly and ensure our return to the FX market”.