CBN readmits UBA into FX Market

The United Bank for Africa (UBA) has said it has been readmitted by the Central Bank of Nigeria into the Foreign Exchange Market following its remittance of all NNPC/NLNG dollar deposits.

An emailed statement from UBA reads “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 its remittance of all NNPC/NLNG dollar deposits.”

UBA was named as one of the nine commercial banks temporarily suspended by the CBN from participating in the foreign exchange market for failing to remit $2.12 billion dollars belonging to the Nigeria National Petroleum Corporations to the Treasury Single Account on Tuesday.

In immediate reaction to the news of the suspension, UBA had rebuffed the claim stating that it has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian National Petroleum Corporation (NNPC) and Nigerian Liquefied Natural Gas Company (NLNG).

The Bank in reaction said: “We wish to state very categorically that UBA has completely remitted all NNPC/NLNG dollar deposits. “We thank all our numerous customers, business partners and other stakeholders who have reached out to us on account of this report”