The Central Bank of Nigeria (CBN) has been urged by stakeholders to sanction banks violating
its rules on foreignexchange (forex) transactions.
More than 16 lenders were recently accused by the apex bank of violating its forex rules, including not obeying directives on selling forex to Small and Medium Enterprises (SMEs) and also not keen on taking up forex allocations from the regulator.
On several occasions, dollars made available by the CBN were not fully bought by the banks because of their unwillingness to sell to SMEs.
For instance, the CBN last week, confirmed excess availability of forex at the interbank market, as banks fail to fully subscribe to the $150 million offered by the apex bank.
