Fresh facts have it that about 12 Nigerian banks are currently sanctioned by the Central Bank of Nigeria (CBN) for manipulating its foreign exchange forex policies. We gathered that the few banks that were not affected are; Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank.
Be that as it may, Mr. Isaac Okorafor, CBN Spokesman disclosed that: “Apart from these eight banks, the rest have been sanctioned. The banks were barred for refusing to sell forex to the SME actors after accessing over $300 million offered to them via the SMEs wholesale forex window since its creation in April. The SMEs Forex Window, which opened about three weeks ago, was designed to help SMEs import approved finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.”
“Appropriate sanctions are spelt out by the CBN Act and the Banks and Other Financial Institutions Act (BOFIA). Employees, including chief executives of the affected banks could be punished where necessary. We have already received series of complaints from bank customers, especially those that operate in the SMEs segment of the market that banks are frustrating their efforts at getting forex.”
“Some entrepreneurs still complain that banks frustrate their efforts at obtaining forex for their eligible imports after the stipulated 48 hours. I’m appealing to bank customers and the SMEs to please give us concrete evidence against these banks so that we can hold them responsible by way of sanctions. Get a photocopy of your Form Q, Form X, Form A or Form M. Give us the name of the bank, branch and send to us and we will deal with them as example to others.”
“The only way to make things better for Nigerians is for them to report to the CBN whenever they are in trouble or whenever, or are getting frustrated by banks. We have a number you can call or you send an email to our Consumer Protection Department. We want to urge everyone who is frustrated by banks to call and lay complaints. We assure you that you will get redress.”
“CBN would not sit back and allow any form of instability in the interbank forex market through the actions of institutions or individuals. I urge all stakeholders to play by the rules for the benefit of the entire country and its economy. Any bank that fails to comply with the rules of this and other extant forex guidelines shall be sanctioned, which will affect the executive and other officers of the bank.”