UBA Reacts After Being Listed Among Barred Banks From Forex Transactions by CBN

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UBA Reacts After Being Listed Among Barred Banks From Forex Transactions by CBN

UBA, one of Nigeria’s and Africa’s top tier banks has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas Company (NLNG).

The bank in a statement Tuesday said, “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,” Mr. Charles Aigbe, Head, Corporate Communications, said in a statement.

The CBN had earlier on Tuesday announced the suspension of 9 banks from all foreign exchange transactions until they remitted into the TSA over $2 billion in various NNPC/NLNG accounts in the banks as ordered by President Muhammadu Buhari last year.

CBN sources listed the banks as United Bank for Africa (UBA) $530m; First Bank of Nigeria (FBN) $469m; Diamond Bank Plc. ($287m); Sterling Bank Plc. ($269m); Sky Bank Plc. ($221m); Fidelity Bank ($209m); Keystone Bank ($139); First City Monument Bank (FCMB) $125m; and Heritage Bank ($85m).