Business & Finance

UBA Denies Being Barred From Forex Transactions by CBN


The United Bank of Africa, UBA, has denied media reports that it has been barred from all forex transactions by the Central Bank of Nigeria, CBN.

Related: CBN Bars 8 Banks From All Forex Transactions

The Head of Corporate Communications at UBA, Mr. Charles Aigbe, said the bank was not among the banks sanctioned by the CBN.

“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 the NNPC/NLNG dollar deposits,” he said in a statement on Tuesday.

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“We wish to state very categorically that UBA has completely remitted all the 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,” he said.

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