CBN Sanctions 12 Banks For Refusing To Sell Forex To SME

The Central Bank of Nigeria (CBN) has barred at least 12 deposit money banks (DMB) from the SMEs window of foreign exchange market for flouting regulations, TheCable reports.

Isaac Okorafor, the CBN spokesman said only eight banks had sold forex to the SMEs.

Okorafor said the banks were barred for refusing to sell forex to the SME actors after accessing over $300 million offered to them via the SMEs wholesale forex window.

 He said only Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank, sold forex to SMEs.
 He warned that the CBN would not sit back and allow any form of instability in the interbank forex market through the actions of institutions or individuals.

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