The Central Bank of Nigeria (CBN) has removed the United Bank for Africa (UBA) from the list of nine banks banned from the foreign exchange market, for non-remittance of over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA).
Tokunbo Martins, director, banking supervision of CBN, made the announcement on Wednesday night.
The statement reads:
“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.”