List Of Banks Banned From Participating In The SME Forex Window


Nairametrics| The Central Bank of Nigeria in a statement released yesterday by its spokesperson, Isaac Okoroafor, has announced the ban of 11 banks from participating in the SME forex window. According to Guardian, these banks had refused to sell forex to SMEs despite accessing over $300 million for this exact purpose.

Banned banks.

  • Ecobank Plc
  • First Bank of Nigeria Plc
  • First City Monument Bank Plc
  • Guaranty Trust Bank Plc
  • Keystone Bank Limited
  • Skye Bank Plc
  • Stanbic IBTC Bank Nigeria Limited
  • Standard Chartered Bank
  • Union Bank of Nigeria
  • United Bank for Africa
  • Wema Bank Plc

Banks not banned

  • Access Bank Plc
  • Diamond Bank Plc
  • Fidelity Bank Plc
  • Heritage Bank Plc
  • Jaiz Bank Plc
  • Sterling Bank Plc
  • Unity Bank Plc
  • Zenith Bank Plc

According to the CBN, this is the culmination of several complaints by customers experiencing difficulties in accessing forex from commercial banks despite the CBN’s aggressive intervention. These accusations have been followed by several warnings from the CBN that any erring bank will be penalized.

 

Chacha Wabara

Chacha Wabara is a legal practitioner, blogger and fitness coach. She has over 5 years experience in blogging and freelance writing. She has written several articles and research work over the years as a freelance contributor. She joins Nairametrics as Our News and Analysis Lead.

What others say about : List Of Banks Banned From Participating In The SME Forex Window..


joe

Kindly review the list again please. seems mixed up. Heritage bank appeared in ‘ band and not band’. thanks for the good you are doing.

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