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CBN Readmits UBA Into Forex Market


By Modupe Gbadeyanka

The United Bank for Africa (UBA) has now been readmitted into the foreign exchange market after it was earlier barred by the Central Bank of Nigeria (CBN) from the market.

In an email sent by the bank on Wednesday in Lagos, which was obtained by Business Post, UBA announced that it was now back into the forex market.

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“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’s Marketing and Corporate Relations Department said.

The bank was among the nine banks suspended on Tuesday because they failed to remit $2.12 billion dollars belonging to the Nigeria National Petroleum Corporations (NNPC) to the government through the Treasury Single Account (TSA) as required of them.

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UBA, in its initial reaction to the news on Tuesday, stated that it has remitted the money into the TSA domiciled at the CBN.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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