CBN Re-admits UBA Into Forex Market, 8 Others Remain Suspended

The Central Bank of Nigeria, CBN, has re-admitted the United Bank for Africa (UBA) Plc into the foreign exchange market.

The CBN had on Tuesday suspended UBA alongside eight other banks from participation in the foreign exchange market. The eight others remains suspended until they comply with the directive of the apex bank.

A statement by ‘Tokunbo Martins, Director, Banking Supervision at the CBN said the re-admission takes effect from Thursday, August 25, 2016, following confirmation that the UBA did remit all outstanding NNPC/NLNG deposits in its possession to Treasury Single Account, TSA.

The statement 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.”