Forex: CBN lifts ban on Keystone Bank, others

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Keystone Bank on Thursday said the Central bank of Nigeria(CBN) had readmitted it into the spot and wholesale forwards segment of the foreign exchange market.
The bank said in a statement issued in Lagos that the CBN readmitted it sequel to the provision of evidence of sales of foreign exchange to Small and Medium scale Enterprises (SMEs).

It also said the re-admission was because the bank had been selling to the SMEs since the introduction of the special window to such businesses.

NAN reports that the CBN on Monday banned 14 banks from the weekly wholesale spot and forwards market leaving only eight banks.

According to the CBN, the banks were sanctioned for failure to adhere to the foreign exchage supply policy to SMEs thereby frustrating the efforts of small businesses that needed foreign exchange.

The eight banks that were not suspended include; Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank Plc, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank

Mr Hafiz Bakare, the Acting Managing Director of Keystone Bank, said: “SMEs are an integral part of the economy of Nigeria and as such we at Keystone Bank are committed to supporting this sector.

“We are pleased to have clarified the banks position with the CBN as we have always shown support for SMEs through our work with farmers, manufacturers, schools and other business owners.”

Bakare said that Keystone Bank would always support CBN in ensuring the growth and development of the economy.

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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