Home Business CBN Re-admits UBA into FOREX Market

CBN Re-admits UBA into FOREX Market

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The Central Bank of Nigeria has re-admitted the United Bank of Nigeria into the FOREX market after the apex bank barred UBA and eight other banks from the market after it discovered that they withheld NNPC/NLNG’s $2.3 billion from the Single Treasury Account.

UBA had swiftly claimed that it had remitted all NNPC/NLNG dollar deposit with it into the TSA.

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In a statement on Wednesday night by Director Banking Supervision of CBN, Tokunbo Martins, the apex bank said: “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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