Keystone Bank Re-admitted to Forex Market After Suspension

Keystone Bank Re-admitted to Forex Market After Suspension

Olawunmi Ashafa, NAN: 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 that the bank had been selling to the SMEs since the introduction of the special window to such businesses.

The News Agency of Nigeria(NAN) recalls that the CBN 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 exchange 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

The CBN re-admitted Keystone Bank along with other banks to the weekly wholesale spot and forwards intervention.

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 bank’s 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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