By Akin Akinremi
Keystone Bank was on Thursday readmitted into the spot and wholesale forwards segment of the foreign exchange market by the Central Bank of Nigeria (CBN) sequel to the provision of evidence of sales of foreign exchange to Small and Medium scale Enterprises (SME) since the introduction of the special window for small businesses.
The CBN had banned fourteen banks from participating in the weekly wholesale spot and forwards intervention market leaving only eight banks. According to the CBN, the banks were sanctioned for not adhering to the foreign exchange supply policy to SMEs thereby frustrating the efforts of small businesses that needed foreign exchange.
The CBN had re-admitted Keystone Bank along with a number of other banks to participate in the weekly wholesale spot and forwards intervention, after it had verified that the bank was in compliance with the sale of foreign exchange to small businesses through the SME foreign exchange window.