Clarification on FX Trading Temporary Suspension

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Dear Customer!

Yesterday, the Central Bank of Nigeria announced a temporary suspension of FCMB along with eight other commercial banks from access to the foreign exchange market. This suspension is based on the Treasury Single Account Directive, which stops banks from holding funds on behalf of government entities and instead, effect daily remittances to the CBN. For our bank, this suspension is based on our non-payment/transfer of the remaining $125mio NNPC fund with us to TSA.

As a financial institution with strong corporate governance rules, we have always fully disclosed the outstanding TSA funds in our books and have continued to work assiduously to fulfill our outstanding obligations. The members of the NNPC Management Team have been kept fully in the picture on the funds. This scenario is really because of lack of foreign exchange availability and the prevailing fall in oil prices rather than concealment or wilful non-compliance by FCMB. It is actually a widespread industry issue.

We also think it is very important to proactively reach out to our customers and explain what this means for them, and hence, this mail for you.

This development will have no impact on most of our customers. While there might be minimal impact on the establishment of new lines of trade through the foreign exchange market, your relationship officer will be able to provide guidance on this. This scenario will not affect your deposits, both local and those in foreign currency. Transactional services such as payments, local and international will continue seamlessly wherever and whenever they are initiated.

Remittance services will not be hindered in any way and you can continue to transact in any part of the world, at any time, either on our mobile application platform or via internet banking.

As an institution, our fundamentals remain strong, our franchise is still growing and we remain firmly committed to our professional values.

We have started to execute a strategy to ensure a rapid and mutually beneficial outcome of this situation. We fully understand the importance of unfettered access to the FX market and its link to growth for the country’s economy.

Across all spheres of banking, the onus is on us to ensure that we continue to meet your financial needs, whatever they might be.

For more information, you can contact us anytime through our 24/7 Contact Center on 012798800 or chat with us via Whatsapp on (+234) 090 999 99814 or (+234) 090 999 99815. Alternatively, you can also send an email to customerservice@fcmb.com or reach out to our members of staff at your nearest branch.

Thank you for banking with us.

FCMB Management Team

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