United Bank for Africa (UBA) re-admitted into FOREX Market

Central Bank of Nigeria has lifted its suspension and readmitted United Bank of into the foreign exchange market. A statement by the apex bank said “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 TSA account at CBN.

“Accordingly, the United Bank for Africa (UBA) Plc has been re-admitted into the Foreign Exchange Market effective Thursday, August 25, 2016”