CBN bans 11 banks from SMEs forex window

Image result for dollarsEleven commercial banks in Nigeria will not be permitted to trade in the new created Small and Medium Enterprises Foreign Exchange window.

Central Bank of Nigeria is accusing the affected banks of blocking customers access to forex.

This action comes following complaints by customers that some banks have deliberately frustrated their efforts to access the SMEs forex.

Acting Director of Corporate Communications, CBN Isaac Okoroafor said the offending banks would be sanctioned.

The apex bank now retains eight banks in the SME wholesale forex window.

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