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N1.70bn loss trails UBA’s forex defaulters’ list as investors trigger sell-off

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The capital market closed negative for United Bank for Africa (UBA) on Monday, as investors engaged in sell-off following the bank’s disclosure of foreign exchange defaulters on Saturday.

Ripples Nigeria had reported that three names of UBA customers were listed as defaulters. While one presented fake visa to apply for PTA, two cancelled their trips upon PTA collection.

The three UBA customers had “failed to return the PTA availed to them despite several mails, text messages and follow up phone calls.”

READ ALSO: UBA publishes names, bank details of forex policy violators

The capital market reacted negatively two days after, with shareholders losing 1.5 percent of their investment, which represents N1.70 billion loss, after the sell-off was triggered.

UBA’s share price had traded for N7.5kobo at the close of business last week Friday, but it lost N0.05 at the end of trading on Monday, with its total market value dropping from N256.49 billion to N254.78 billion today.

Investors sold off more shares than last week Friday’s 4.87 million, after exchanging 5.76 million shares at the end of Nigerian bourse activities.

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