The Treasury Single Account of the government was established in August 2015, with the government saying it would help check leakages in the system.
The banks, which suspension would remain in force until they remit all the funds to the TSA, are United Bank for Africa (UBA) ($530m); FirstBank of Nigeria (FBN) ($469m); Diamond Bank Plc ($287m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m); FCMB ($125m) and Heritage Bank ($85m).
The CBN top officials also confirmed that more disciplinary actions awaits the erring banks after remitting the funds in full to the government’s coffers.
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It was also learned that President Muhammadu Buhari had been briefed on the matter before the sanctions being imposed on the defaulting banks were arrived at.
Recall that September 15, 2015 was a deadline set by the federal government for all accounts of ministries, departments and agencies (MDAs) with commercial banks to be closed and remitted to the TSA, the central bank has imposed hefty fines on erring banks for non-compliance.