Keystone Bank is back to the spot and wholesale forwards segment of the foreign exchange market. A statment by the bank said in a statement issued in Lagos that the Central bank of Nigeria, CBN, readmitted it sequel to the provision of evidence of sales of foreign exchange to Small and Medium scale Enterprises.
The statement also said the re-admission was because that the bank had been selling to the small and medium scale enterprises, SMEs, since the introduction of the special window to such businesses.
The CBN banned 14 banks from the weekly wholesale spot and forwards market leaving only eight banks. 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 CBN re-admitted Keystone Bank along with other banks to the weekly wholesale spot and forwards intervention.
Hafiz Bakare, acting managing director, 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.