Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Economy Macro-Economic News Circulars

Forex Ban: CBN Issues Circular Re-Admtting UBA Into The Forex Market

Nairametrics by Nairametrics
August 25, 2016
in Circulars, Spotlight
UBA Gets Lion Share, As CBN Forex Sales To Banks Drops By $5.3 Billion
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

20 Lucky Kids Rewarded with N4m in UBA Kiddies and Teens Draw

Gains from MTN Nigeria, 18 other stocks lift market activities to bullish stance

The Central Bank of Nigeria has made a U-turn as it lifted the ban it placed on United Bank for Africa (UBA) from accessing the foreign exchange market following accusations that it had breached provisions of the TSA. Here is the content of the circular:

[alert-note]United Bank for Africa (UBA) re-admitted into FOREX Market

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[/alert-note]

With the readmission of UBA, eight banks remain banned and it is unclear if this is because they have not all remitted all outstanding balances from the NNPC/NLNG dividends or if the banning of UBA was in error in the first place. The Naira depreciated to its lowest in over 6 months when it crashed to N402. Some analysts had placed part of the blame for the huge drop on the sudden ban of the nine banks believing that this had caused a shock in the supply chain of forex.

News continues after this ad


Get the circular below;

Download (PDF, 68KB)

News continues after this ad


Related

Tags: NNPC Nigeria NewsUBA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Flour Mills of Nigeria Plc (FMN) Reaffirms its Commitment to Transformational Impact with the Release of its 2021/2022 Sustainability Report
    • Brain drain, tax and other economic effects of migration in Nigeria
    • Meet Kenya’s new President-elect- William Samoei Arap Ruto

    Follow us on social media:

    Recent News

    Flour Mills of Nigeria Plc (FMN) Reaffirms its Commitment to Transformational Impact with the Release of its 2021/2022 Sustainability Report

    Flour Mills of Nigeria Plc (FMN) Reaffirms its Commitment to Transformational Impact with the Release of its 2021/2022 Sustainability Report

    August 16, 2022
    Fake labs, travel frustrations, passengers allege COVID-19 test Scams at airport, Aviation, Nigerians hit with over 60% delayed and cancelled domestic flights in 2018

    Brain drain, tax and other economic effects of migration in Nigeria

    August 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com