Following failure to remit $2.334 billion belonging to Nigerian National Petroleum Corporation (NNPC) to the single treasury account, the Central Bank of Nigeria (CBN) yesterday barred nine Deposit a Money Banks from participating in the nation’s Foreign Exchange market.

The banks are FirstBank of Nigeria (FBN) ($469m); Diamond Bank Plc ($287m); United Bank for Africa (UBA) ($530m); Sterling Bank Plc ($269m); Skye Bank Plc ($221m); Fidelity Bank ($209m); Keystone Bank ($139m); FCMB ($125m) and Heritage Bank ($85m).
But, UBA had earlier said it has remitted all NNPC/NLNG funds in its vaults into the TSA with CBN.
It stated :“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”.
The Bank added: “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,” said Mr. Charles Aigbe, Head, Corporate Communications.