Home MARKETS CBN lifts UBA suspension from forex market

CBN lifts UBA suspension from forex market

 

  • Sterling Bank reacts

The Central Bank of Nigeria (CBN) has readmitted the United Bank for Africa (UBA) to the forex market after its suspension following breach in TSA dealing.

The apex bank gave the directive in a press statement this night signed by its Director, Banking Supervision Mr. ‘Tokunbo Martins.

The statement reads: “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”

In a related development, Sterling Bank one of the suspended banks in a statement said, “We consider it necessary to respond to news reports of the suspension from the interbank FX market of nine commercial banks (Sterling Bank included) as widely reported in various media in the last 24 hours.

“According to these accounts, the suspension arose from a failure to disclose and remit certain balances held under the Treasury Single Accounts (TSA) on behalf of an agency of the Federal Government of Nigeria. In order to set the records straight, Management wishes to clarify as follows:

”The Bank unequivocally rejects the suggestion that it failed or neglected to disclose at any time, any sum held on behalf of its clients to the regulatory authorities as such balances were fully captured in the relevant regulatory returns. In actual fact, the Bank affirms that it went beyond this basic requirement of disclosure and reporting to holding several meetings with the parties involved;

“While the current situation is a broader sector issue arising from the foreign currency illiquidity in the domestic banking sector, Sterling Bank continues to work with its client and the banking regulator to resolve the situation in the shortest possible time,

“We would like to restate that the Bank at all times reported the balances involved to the Central Bank and at no time concealed or refused to remit the funds as documented in several written correspondences;

“Arising from our continuing efforts in this regard, we have reduced the outstanding sum to the current level within a very short period.

“As an institution built on the core values of integrity and sound corporate governance, Sterling Bank has always complied with all regulatory and other operating requirements and the TSA regulation is no exception to this proud record.

“We take this opportunity to thank all those who have reached out to us with goodwill messages for your understanding and continue to count on your support as we work with the larger banking sector to resolve this matter in the shortest possible time”, the bank said.

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