CBN Lifts UBA Forex Market Suspension

The Central Bank of Nigeria (CBN) has lifted the foreign exchange market suspension it formerly imposed on United Bank for Africa (UBA).

The suspension was lifted on Thursday, two days after CBN barred nine banks from the Forex market.

Amongst the nine banks was UBA.

The banks were barred for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA).

Although UBA Head of Corporate Communications Charles Aigbe, said in a statement that UBA was not among the banks being sanctioned by CBN.

Aigbe claimed that the bank had completely remitted all the NNPC/NLNG dollar deposits.