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CBN Readmits UBA Into FOREX

A report from the Nigeria Television Authority (NTA) revealed that the United Bank for Africa (UBA) has been removed from the list of sanctioned banks operating in Nigeria from foreign exchange market.
The report states that “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”
It is recalled that CBN had early this week suspended nine banks in Nigeria from operating in FOREX market.

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