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Thursday, August 25, 2016

CBN has re-admitted UBA into the Foreign exchange market


The Central Bank of Nigeria, CBN, has re-admitted the
United Bank for Africa, UBA, Plc into the Foreign Exchange
Market, effective from Thursday.
Charles Aigbe, Head, Marketing and Corporate Relations, in
a statement said “we are pleased to inform our valued
customers, stakeholders and business partners as well as
the general public that the CBN has re-admitted us into the
Foreign Exchange Market following our remittance of all
NNPC/NLNG dollar deposits.”
“UBA wishes to thank you all for your continued support
and patronage.”
UBA had stated that it returned all outstanding unremitted
Nigerian National Petroleum Corporation/Nigeria Liquefied
Natural Gas (NNPC/NLNG) foreign currency in its
possession.
“Further to the directive of the CBN to all Deposit Money
Banks (DMBs) to return all outstanding unremitted NNPC/
NLNG foreign currency, this is to confirm that UBA has
remitted all outstanding NNPC/NLNG deposits in its
possession to NNPC’s Treasury Single Account (TSA) at
the CBN”, it said.
CBN had on Tuesday barred nine DMBs from the nation’s
foreign exchange market for failing to remit the sum of 2.3
billion dollars belonging to NNPC to the TSA
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