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CBN Re-Admits UBA Into Foreign Exchange Market



The Central bank of Nigeria (CBN) has re-admitted the United Bank For Africa (UBA) into the Foreign Exchange Market following its remittance of all NNPC/NLNG dollars funds.

The apex bank had on Tuesday, August 23, barred UBA alongside eight Nigerian commercial banks from the foreign exchange market for holding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

A statement from the bank 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 our remittance of all NNPC/NLNG dollar deposits.”

The bank had earlier 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).

“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.”

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