The Central Bank of
Nigeria (CBN) has removed the United Bank for Africa (UBA) from the list of
nine deposit money banks (DMBs) banned from the foreign exchange market, for
hiding over $2 billion belonging to Nigerian National Petroleum Corporation
(NNPC) from the Treasury Single Account (TSA).
Tokunbo Martins, director, banking supervision of CBN,
made the announcement on Wednesday night, saying: “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.
“Accordingly, the United Bank for Africa (UBA) Plc has been
re-admitted into the Foreign Exchange Market effective Thursday, August 25,
2016.”
“Further to our press statement of yesterday, 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,” the bank announced.
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