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CBN SANCTIONS GTB, ECOBANK, OTHERS FOR FOREX INFRACTIONS

The Central Bank of Nigeria, CBN has barred 15 commercial banks from dealing in foreign exchange through the recently created small and medium enterprises (SMEs) wholesale forex window.

Our source reports that the barring was a result of persistent complaints that they were deliberately frustrating efforts by many of the SMEs to access foreign exchange through the new window.

CBN spokesperson, Isaac Okorafor, confirmed the action but, however, failed to disclose the banks affected.

A source close to our source has revealed the affected banks.

The 15 banks sanctioned, the source said, included Citibank, Ecobank, Enterprise Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Key Stone Bank, MainStreet Bank, Skye Bank, Stanbic IBTC Bank, Standard Chartered Bank, SunTrust Bank, Union Bank of Nigeria, United Bank for Africa, and Wema Bank. (Source: PREMIUMTIMES)

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