Home BUSINESS BANKING & FINANCE CBN Re-Admits United Bank For Africa Into FOREX Market

CBN Re-Admits United Bank For Africa Into FOREX Market

UBA HouseThe Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) Plc into the FIREX market, effective from Thursday, August 25.
The apex bank said that the re-admission of UBA followed the bank’s remittance of all outstanding NNPC/NLNG deposits in its possession to NNPC’s Treasury Single Account (TSA) at the CBN.
A statement by the CBN’s Director of Banking Supervision, ‘Tokunbo Martins, confirmed the new development, even though no mention was made of the remaining eight banks that were similarly barred from partaking in FOREX trade on Tuesday for failure to remit various sums of Dollars of the NNPC due to the CBN. [myad]

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