The Central Bank of Nigeria has barred 12 commercial banks from dealing in foreign exchange through the recently created Small and Medium Enterprises wholesale forex window.
According to the CBN, the decision, which is with immediate effect, is based on persistent complaints against the Deposit Money Banks and field monitoring reports.
The affected banks are First Bank, First City Monument Bank, GTBank, Citibank, Ecobank, Enterprise Bank, Key Stone Bank, MainStreet Bank, Skye Bank, Stanbic IBTC Bank, Standard Chartered Bank and SunTrust Bank, among others.
CBN Acting Director, Corporate Affairs, Mr. Isaac Okoroafor, confirmed the development but declined to identify the Banks.
He explained that the CBN frowned on the action of the banks that refused to sell foreign exchange to SMEs to enable them import eligible finished and semi-finished items, despite the availability of forex from the apex bank’s wholesale intervention window.
Okoroafor said, “All banks that had refused to sell FOREX to the SME actors after accessing over $300 million offered to the SMEs wholesale forex window since its creation last month will be sanctioned accordingly.
“We are confident that the continued interventions by the CBN will continue to guarantee stability in the market and ensure availability to individuals and business concerns.”
