CBN re-admits UBA into Forex Market
CBN re-admits UBA into Forex Market
The Central Bank of Nigeria has re-admitted the United Bank for Africa Plc into the Foreign Exchange Market effective from Thursday.
This was contained in a statement signed by the Director of Banking Supervision of the CBN, Tokunbo Martins, in Abuja on Wednesday.
According to the statement, UBA had returned all outstanding unremitted Nigerian National Petroleum Corporation/ Nigeria Liquefied Natural Gas foreign currency in its possession.
The statement said: “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 i its possession to NNPC’s Treasury Single Account (TSA) at the CBN.”
The CBN had on Tuesday barred nine DMBs from the nation’s foreign exchange market for failing to remit $2.3 billion belonging to NNPC/NLNG to the TSA.
UBA had swiftly on Tuesday denied the allegation.
The Bank in a statement by its
spokesman, Charles Aigbe, denied it was withholding any money belonging to NNPC/NLNG.
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