The Central Bank of Nigeria (CBN) late Wednesday night deleted the United Bank for Africa (UBA) from the list of nine deposit money banks (DMBs) banned from the foreign exchange market.
The banks were banned for the Forex market for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).
“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.
“The CBN may take action against any FXPD that fails to comply with the standards set forth in these Guidelines. Such action will vary depending upon the type of non-compliance, but may range, for instance, from fines, suspension from any or all FX operations for a period of time to termination as an FXPD,” it had said.
All the indicted banks are barred from the forex market until they fully refund the $2.1 billion held up in their coffers.
– Daily Tims
