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CBN CLEARS UBA FOR FOREX DEALS

Last updated: 2016/08/26 at 2:20 PM

starconnect Published 26 August 2016

Group Managing Director UBA, Plc, Mr. Kennedy Uzoka

Nigeria, Aug. 26, 2016 – The Central Bank of Nigeria(CBN) has cleared United Bank for Africa (UBA) to continue to deal in the Foreign Exchange Market, FOREX.

The CBN issued the statement following suspension of 9 banks from the FOREX Market over their failure to remit NNPC/NLNG funds in their possession to the Treasury Single Account(TSA).

“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”, the apex bank said in a statement.

“Accordingly, the United Bank for Africa (UBA) Plc has been readmitted into the Foreign Exchange Market effective Thursday, August 25, 2016”, the apex bank said in a statement signed by Director, Banking Supervision, Mr. Tokunbo Martins.