The Central Bank of Nigeria (CBN), on Tuesday, banished 14 Money Deposit Banks from dealing in the Small and Medium Entreprises (SME) discount Forex window.
The barred banks are First Bank, Keystone Bank, Main Street Bank, Ecobank, Stanbic IBTC, Citi Bank, Enterprise Bank and WEMA bank.
Others are Guaranty Trust Bank, First City Monument bank, Union Bank, SunTrust Bank, Standard Chartered Bank and United Bank of Africa.
The CBN representative, Mr Isaac Okorafor, in an announcement in Abuja, said they were banished, taking after tireless dissensions that some Deposit Money Banks (DMBs) intentionally baffle endeavors by
numerous SMEs to get to forex from the new window made by CBN.
He said the financial regulator took the choice to bar the failing banks in view of field reports, which uncovered that exclusive eight banks out of 22 had sold forex to the SMEs fragment since the initiation of the new window.
He said the CBN grimaced at the activity of banks that declined to pitch outside trade to SMEs to empower them import qualified completed and semi-completed things in spite of the accessibility of forex from the CBN.
Okorafor, said all banks that had declined to offer forex to the SMEs subsequent to getting to more than 300 million dollars offered through the SMEs window since its creation a month ago will be endorsed as needs be.
He recorded the banks not banished to include: Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank.
He cautioned that the CBN would not kick back and permit any type of shakiness in the interbank forex market through the activities of organizations or people.
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