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.