UBA readmitted into the forex market

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Nigeria’s apex bank, has reinstated The United Bank For Africa, UBA into the forex market. 

The bank was readmitted after remitting all outstanding NNPC/NLNG deposits in its possession to NNPC‘s Treasury Single Account (TSA) at the CBN.

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.”

The CBN had banned nine banks from the Foreign exchange market for failure to remit the sum of $21.2billion meant for the NNPC into the Treasury Single Account.

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Before the re-admittance of UBA, the affected banks and the unremitted monies were the United Bank for Africa (UBA) -$530m; First Bank of Nigeria (FBN)- $469m; Diamond Bank Plc-$287m; Sterling Bank Plc-$269m; Skye Bank Plc -$221m; Fidelity Bank -$209m; Keystone Bank- $139; First City Monument Bank (FCMB) -$125m; and Heritage Bank-$85m

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