CBN removes UBA from list of sanctioned banks

dimeji akinloye

August 24, 2016 10:49 PM

The CBN had barred the nine banks from the foreign exchange market for hiding over $2 billion belonging to the NNPC.

CBN Building

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According to The Cable, CBN director of banking supervision, Tokunbo Martins, disclosed this on Wednesday, August 24.

Martins was quoted as 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.”

ALSO READ: Did CBN secretly remove Zenith bank from list of erring financial institutions?

The CBN yesterday, August 23, barred the nine banks from the foreign exchange market until they fully refund the $2.1 billion in their coffers.

dimeji akinloye

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