CBN Re-Admits UBA Into Forex Market


After the fallout of the ban on specific banks from the forex market, the Central Bank of Nigeria said it has lifted the ban on the United Bank of Africa PLC.

In a statement released by Tokunbo Martins, Director of Banking Supervision, CBN, said:

“United Bank for Africa (UBA) re-admitted into FOREX Market 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 readmitted into the Foreign Exchange Market effective Thursday, August 25, 2016”.

Other banks yet to be re-admitted into the market includes: First Bank of Nigeria Limited ($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).

They are required to return all outstanding NNPC funds before they can be granted access back into the market.

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