The Central Bank of Nigeria on Wednesday said it had re-admitted the United Bank for Africa into the foreign exchange market.
The directive, according to the CBN, takes effect from Thursday.
The apex bank, in a two paragraph statement issued at about 10pm on Wednesday said UBA had remitted all outstanding foreign currency belonging to the Nigerian National Petroleum Corporation.
“Accordingly, the UBA Plc has been re-admitted into the Foreign Exchange Market effective Thursday, August 25, 2016.”
A number of other banks including Sterling Bank and First Bank of Nigeria, said they had opened discussion with the CBN to amicably resolve the matter.