By InvestAdvocate

Lagos (INVESTADVOCATE)-Fidelity Bank Plc on Wednesday clarified its temporary suspension from the foreign exchange market by the Central Bank of Nigeria and said it has repaid $288 million of the funds.

“Fidelity bank has repaid over $288m of these funds in line with the advised repayment schedule,” the lender said in an email to its customers

Below is the email: “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.

Fidelity bank has repaid over $288m of these funds in line with the advised repayment schedule.

Please note that you can continue to operate your domiciliary account with Fidelity and this development will not affect your 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 eight (8) banks involved, stakeholders and the regulators to resolve this issue quickly and ensure our return to the FX market,” the Bank said.

Management
Fidelity Bank Plc.