CBN Readmits UBA into Forex Market

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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.

The statement signed by the Director, Banking Supervision Department, CBN, Tokunbo Martins, read in part, “Further to the directive of the Central Bank of Nigeria to all the Deposit Money Banks to return all outstanding unremitted NNPC/NLNG foreign currency, this is to confirm that the United Bank for Africa Plc has remitted all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account at the CBN.”

“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.

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