CBN Unbars UBA From Forex Market Transactions

The Central Bank of Nigeria, CBN, has lifted the ban on the United Bank for Africa, UBA, from forex market transactions.

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Mrs. Tokunbo Martins, the Director of Banking Supervision, said the move followed the remittance of all the outstanding NNPC/NLNG deposits in its possession to NNPC’s TSA account 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,” she added.

UBA along with other banks had reportedly been barred by the apex bank from the forex market for failing to remit some funds, in dollars, to the Treasuring Single Account. UBA had denied the reports.

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Daniel Enisan is a content writer at With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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