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.

Charles Aigbe, Head, Marketing and Corporate Relations, in a statement said “we are pleased to inform our valued customers, stakeholders and business partners as well as the general public that the CBN has re-admitted us into the Foreign Exchange Market following our remittance of all NNPC/NLNG dollar deposits.”

“UBA wishes to thank you all for your continued support and patronage.”

UBA had stated that it 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”, it said.

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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