Friday, April 16, 2021

CBN readmits Keystone bank into forex market


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Central Bank of Nigeria, CBN, on Thursday readmitted Keystone Bank 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 it had been selling to the SMEs since the introduction of the special window to such businesses.

The News Agency of Nigeria reports that 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 included 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 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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