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Sunday, 21st January, 2018
 Nigeria   ::   News
CBN readmits Stanbic, Keystone Banks into FX Market
May 05, 2017
By: Mistura Salaudeen

The Central Bank of Nigeria (CBN) has readmitted Stanbic IBTC and Keystone Bank into the spot and wholesale forwards segment of the FX market after they were able to provide evidence to the apex bank that they had been selling FX to SMEs since the introduction of the special window for small businesses.

A senior CBN official stated that other banks were also in the process of providing verifiable proof of compliance and once they do so, they would be readmitted.

The Acting Managing Director of Keystone Bank, Mr. Hafiz Bakare said in a statement: “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 further stated that Keystone Bank will always support the CBN in ensuring the growth and development of the economy.

During trading yesterday, news filtering from the central bank showed that banks and other authorized dealers were again unable to fully subscribe to the $150 million offered by the CBN in the market.

According to sources, dealers could only $43.5 million, representing 29 per cent of the $150 million offered in the wholesale segment of the FX market.

Confirming this Okorafor reaffirmed the CBN’s position to sustain the intervention with a view to making FX available for all genuine transactions through the CBN window.

Okorafor also allayed fears over the dwindling subscription by authorised dealers noting that it was a sign of a dollar glut in the FX market and the determination of the CBN to sustain the intervention aimed at ensuring stability.

He also said operators in the Bureau de Change segment of the market were also on hand on Thursday to pick the $20,000 offered to service low-end FX users.

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