CBN sanctions 12 banks for forex abuse.

The Central Bank of Nigeria (CBN) yesterday sanctioned 12 banks for manipulating its foreign exchange forex policies.

It barred the banks from accessing forex from the newly instituted SMEs Forex Window.

The affected banks refused to sell forex to genuine SMEs that met disbursement requirements.

Confirming the development, CBN Spokesman, Isaac Okorafor, said only eight lenders – Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank, sold forex to SMEs and were cleared by the regulator.

“Apart from these eight banks, the rest have been sanctioned,” Okorafor, said in response to a text message sent to him by The Nation reporter.

He said the banks were barred for refusing to sell forex to the SME actors after accessing over $300 million offered to them via the SMEs wholesale forex window since its creation in April.


By Collins Nweze.
Full story at The Nation Online NG.