CBN Readmits Keystone Bank into Forex Market

Keystone Bank says the Central bank of Nigeria(CBN) has readmitted it into the spot and wholesale forwards segment of the foreign exchange market.

Keystone in a statement issued in Lagos, says the CBN readmitted it sequel to the provision of evidence of sales of foreign exchange to Small and Medium scale Enterprises (SMEs).

According to the bank, the re-admission was because it had been selling to the SMEs since the introduction of the special window to such businesses.

The CBN had banned 14 banks from the weekly wholesale spot and forwards market leaving only eight banks, for failing  to adhere to the foreign exchange supply policy to SMEs.

The apex bank accused the sanctioned banks for  frustrating the  small businesses that needed foreign exchange.

The eight banks that were not suspended are: Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank Plc, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank.

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 added that Keystone Bank would always support CBN in ensuring the growth and development of the economy.