CBN re-admits UBA into FOREX Market

CBN re-admits UBA into FOREX Market

The Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) Plc into the Foreign Exchange Market effective from Thursday.

This is contained in a statement signed by the Director, Banking Supervision, Mrs Tokunbo Martins in Abuja on Wednesday.

According to it, UBA had returned all outstanding unremitted Nigerian National Petroleum Corporation/Nigeria Liquefied Natural Gas (NNPC/NLNG) foreign currency in its possession.

“Further to the directive of the CBN to all Deposit Money Banks (DMBs) to return all outstanding unremitted NNPC/NLNG foreign currency, this is to confirm that UBA has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.’’

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The News Agency of Nigeria reports that the CBN had on Tuesday barred nine DMBs from the nation’s foreign exchange market for failing to remit the sum of 2.3 billion dollars belonging to NNPC to the TSA. 

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