CBN re-admits UBA into Forex Trading

Kenedy Uzoka

The Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) Plc into the Foreign Exchange Market effective from Thursday.

This is contained in a statement signed by the Director, Banking Supervision, Mrs Tokunbo Martins in Abuja on Wednesday.

According to it, UBA had returned all outstanding unremitted Nigerian National Petroleum Corporation/Nigeria Liquefied Natural Gas (NNPC/NLNG) foreign currency in its possession.

โ€œFurther 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 NNPCโ€™s Treasury Single Account (TSA) at the CBN.โ€™โ€™

The CBN had on Tuesday barred nine DMBs from the nationโ€™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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