CBN Lift Forex Ban On UBA

                   

The Central Bank of Nigeria (CBN) on Wednesday lifted it’s ban on the United Bank for Africa (UBA) as the other eight deposit money banks (DMBs) remain banned from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

‘Tokunbo Martins, director, banking supervision of CBN, made the announcement in Abuja, saying: “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 re-admitted into the Foreign Exchange Market effective Thursday, August 25, 2016.”

Before the ban was reported on Tuesday, President Muhammadu Buhari had been briefed on the breach by the banks.

The banks were all mandated to move the monies to the  treasury single account.