The Central Bank of Nigeria (CBN), on Tuesday, barred 14 Money Deposit Banks from dealing in the Small and Medium Entreprises (SME) wholesale 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 spokesman, Mr Isaac Okorafor, in a statement in Abuja, said they were barred, following persistent complaints that some Deposit Money Banks (DMBs) deliberately frustrate efforts by many SMEs to access forex from the new window created by CBN.
He said the financial regulator took the decision to bar the erring banks based on field reports, which revealed that only eight banks out of 22 had sold forex to the SMEs segment since…
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