BREAKING: CBN Lifts Forex Ban On UBA As 8 Other Banks Remain Suspended

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‘Tokunbo Martins, director, banking supervision of CBN, made the announcement in Abuja, saying: “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.”
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.
At the full implementation of the TSA in 2015, the CBN had warned that banks that did not totally comply with the TSA remission plan risked possible fine and stringent punishment.
“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.” For complete details Click Banner below : To View picture in this News and more Click the Banner below :
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BREAKING: Naira crashes to this unbelievable amount, checkout new rate

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https://i.onthe.io/vllkyt1o8tp261k1u8.078b6d29.jpg This follows report that the Naira’s black market value which had slipped to N381/$1 yesterday, dropped a shocking 9 points to trade at N390/$1 this afternoon, NAIJ. com can authoritatively report.
This local currency also crashed to N500 to one pound and N422 to one Euro,While currency traders blame the poor performance of the naira to the scarcity of the greenback, economists have advised the federal government and the Central bank of Nigeria (CBN) to consider alternative policy options to halt the currency’s decline.The scarcity of the greenback in both the foreign exchange and interbank markets has fuelled continuous fall, but according to currency traders, the lack of CBN’s intervention is not helping to prevent the free fall.
READ ALSO: Naira weakens to N365/$1 at parallel market
“We will begin to see huge activity in the market when the CBN start selling forex to us. There will be a working relationship between the interbank and parallel market rate and liquidity issue. The scarcity is becoming unbearable.” Source: Click Banner below : To View picture in this News and more Click the Banner below :
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