CBN removes UBA from list of sanctioned banks
The CBN had barred the nine banks from the foreign exchange market for hiding over $2 billion belonging to the NNPC.
CBN Building
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.”
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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.
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