The Central Bank of Nigeria (CBN) has re-admitted the United Bank for Africa (UBA) Plc into the Foreign Exchange Market effective from Thursday,25th August 2016.
Tokunbo Martins, director, banking supervision of CBN, made the announcement on Wednesday night, 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.”
Before the ban was reported on Tuesday, President Muhammadu Buhari had been briefed on the breach by the banks.
The banks were all mandated to move the monies to the treasury single account.
At the full implementation of the TSA in 2015, the CBN had warned that banks that did not totally comply with the TSA remission plan risked possible fine and stringent punishment.
Nine banks were suspended for failure to remit NNPCg$2.12bn into government coffer.
They will all be allowed to return to NGR FX market operations once they fully pay-up NNPC$2.1bn into TSA.
