TSA Remittance: UBA Not Barred from Foreign Exchange Market

Posted by African Examiner Business News, Featured, Latest Headlines, News Wednesday, August 24th, 2016

BALTIMORE, MD (AFRICAN EXAMINER) – The United Bank for Africa (UBA) has denied media reports that it has been banned by the Central Bank of Nigeria (CBN) from Foreign Exchange Market over non-remittance of NNPC/NLNG dollar deposits.

A statement issued by the Head, corporate communications of the bank, Mr Charles Aigbe said UBA has completely remitted all NNPC/NLNG dollar deposits.

The statement reads in full:

“Our attention has been drawn to report of the ban of UBA from the foreign exchange market by the CBN over the non-remittance of NNPC/NLNG dollar deposits.

“We wish to state very categorically that UBA has completely remitted all NNPC/NLNG dollar deposits.

“We thank all our numerous customers, business partners and other stakeholders who have reached out to us on account of this report.”

Media reports say nine big banks in Nigeria have been axed by CBN over failure to comply with the TSA policy by failing to remit the NNPC/NLNG dollar deposits running into billions of dollars.