P
ProfRem
Guest
The Central bank of Nigeria (CBN) has lifted ban of three banks to operate at the spot and wholesale forwards segment of the foreign exchange market after the banks provided ‘proof’ of selling forex to Small and Medium Scale Enterprises (SMEs) since the introduction of the special window for small businesses.
The readmitted banks are Guaranty Trust Bank (GTBank) Plc, FirstBank and United Bank for Africa (UBA) Plc.
Recall that the CBN on Tuesday had barred 14 others from participating in the weekly wholesale spot and forwards intervention in the market.
According to the CBN, the banks were penalised for frustrating its FX supply policy to SMEs.
The eight banks that were not suspended comprised: Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank Plc.
A senior CBN official told Thisday Newspaper on Wednesday that GTBank, FirstBank and UBA had been readmitted to participate in the weekly wholesale spot and forwards intervention, after it had been verified that they were in compliance with the sale of FX to small business through the SME FX window.
He said other banks were also in the process of providing verifiable proof of compliance and once they do so, they would be readmitted.
The readmitted banks are Guaranty Trust Bank (GTBank) Plc, FirstBank and United Bank for Africa (UBA) Plc.
Recall that the CBN on Tuesday had barred 14 others from participating in the weekly wholesale spot and forwards intervention in the market.
According to the CBN, the banks were penalised for frustrating its FX supply policy to SMEs.
The eight banks that were not suspended comprised: Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank Plc.
A senior CBN official told Thisday Newspaper on Wednesday that GTBank, FirstBank and UBA had been readmitted to participate in the weekly wholesale spot and forwards intervention, after it had been verified that they were in compliance with the sale of FX to small business through the SME FX window.
He said other banks were also in the process of providing verifiable proof of compliance and once they do so, they would be readmitted.
