Forex Ban: CBN Recalls UBA
Following the United Bank for Africa’s compliance with the Central Bank of Nigeria’s directive to remit a sum of $530m to the Treasury Single Account (TSA), the Apex bank, on Wednesday night, lifted the ban.
The Director, banking supervision of CBN, Tokunbo Martins, who made this announcement in a statement issued in Abuja, said: “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.”
According to Martins, the United Bank for Africa (UBA) Plc has been re- admitted into the Foreign Exchange Market effective Thursday, August 25, 2016.
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With the readmission of UBA, eight banks remain banned as they have not all remitted all outstanding balances from the NNPC/NLNG dividends.
Meanwhile, it was learnt the remaining eight bank executives are to meet with the CBN over the forex ban.
Recall that the CBN, yesterday, suspended nine banks from further dealing in foreign exchange transactions, until they remit all outstanding Nigerian National Petroleum Corporation, NNPC, funds in their vaults into the Treasury Single Account.
