Central Bank Of Nigeria’s hammer has fallen on 14 money deposit banks for being engaged in sharp practices in the FOREX market. They have been barred from dealing in the small and medium enterprises wholesale forex window.
The banks are First Bank, Keystone, Mainstreet, Ecobank, Stanbic IBTC, Citi Bank, Enterprise and Wema.
also affected are Guaranty Trust, First City Monument, Union, Suntrust, Standard- Chartered and United Bank Of Africa.
The CBN spokesman, Isaac Okorafor, in a statement, said they were barred, following persistent complaints that some deposit money banks deliberately frustrate efforts by many SMEs to access FOREX from the new window created by the CBN.
He said the financial regulator took the decision to bar the banks based on field reports, which revealed that only eight out of 22 banks agreed to sell FOREX to the SMEs segment since the inception of the new window.