UBA readmitted into FOREX Market

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The United Bank for Africa, UBA, has been re-admitted into the foreign exchange market, the Central Bank of Nigeria, CBN, announced Wednesday night.

UBA and eight other banks had been suspended by the CBN from the foreign exchange market on Tuesday.

But, the CBN in a statement by its Director, Banking Supervision, ‘Tokunbo Martins, said it has since verified that the UBA actually remitted all outstanding NNPC/NLNG deposits in its possession to Treasury Single Account, TSA of the NNPC.

The statement by Mr. Martins reads: “Further to the directive of the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs) to return all outstanding unremitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa (UBA) Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.

“Accordingly, the United Bank for Africa (UBA) Plc has been re-admitted into the Foreign Exchange Market effective Thursday, August 25, 2016.”

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