May 03, · The Central Bank of Nigeria (CBN), on Tuesday, barred First May 20, · First City Monument Bank says it is committed to the growth of the Small and Medium Enterprises by connecting them to experts among other initiatives. building series designed to give the SMEs Estimated Reading Time: 2 mins CBN has since resumed the sale of Forex to the lender, indicating that the Bank has been readmitted into the spot and wholesale strata of the foreign exchange market by the CBN. However, the CBN, in the last few days, has extended Forex of various amounts to First City Monument Bank (FCMB) for invisible transactions, SME utilization, SMIS
Forex: CBN bars First Bank, UBA, FCMB & More from SME Sales Window | BellaNaija
News Promotions. Living News. BN TV News. Career News Promotions. The Central Bank of Nigeria CBNon Tuesday, barred First Bank, the United Bank for Africa UBA and 12 others from dealing in the Small and Medium Entreprises SME wholesale Forex window.
The other banks affected by the order are FCMB, Keystone Bank, Main Street Bank, Stanbic IBTC, Citi Bank, Enterprise Bank, EcobankWEMA BankGuaranty Trust Bank, Union Bank, SunTrust Bank and Standard Chartered Bank. The CBN spokesman, fcmb increases forex sales to smes, Isaac Okoraforin a statement in Abuja, said they were barred, following persistent complaints that some Deposit Money Banks DMBs deliberately fcmb increases forex sales to smes efforts by many SMEs to access forex from the new window created by CBN.
He fcmb increases forex sales to smes the financial regulator took the decision to bar the banks based on field reports, which revealed that only eight banks out of 22 had sold forex to the SMEs segment since the inception of the new window.
He added that the CBN frowned at the action of banks that declined to sell foreign exchange to SMEs to enable them import eligible finished and semi-finished items despite the availability of forex from the CBN. He listed the banks not barred to include: Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank.
He urged all stakeholders to play by the rules for the benefit of the fcmb increases forex sales to smes country and its economy. The News Agency of Nigeria NAN was established by the Federal Government of Nigeria in May to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.
Another great decision by the regulated authority, if all other regulated authorities can do this, our country will be on the road to development. Our major problem is the implementation of government policies. Your email address will not be published. This site uses Akismet to reduce spam.
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News Promotions CWEIC Chairman Olasupo Shasore chairs AfCFTA Discourse, fcmb increases forex sales to smes, Highlights importance of intra-African trade. Related Topics: Access Bank Plc Central Bank of Nigeria CBN Citi Bank Diamond Bank PLC EcoBank Enterprise Bank FCMB Fidelity Bank First Bank Guaranty Trust Bank Heritage Bank Isaac Okorafor Jaiz Bank Keystone Bank Main Street Bank Small and Medium Entreprises SME Stanbic IBTC Standard Chartered Bank Sterling Bank SunTrust Bank the United Bank for Africa UBA Union Bank Unity Bank Wema Bank Zenith Bank.
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, time: 5:42CBN Injects $m into the Foreign Exchange Market as FCMB Increases Sales to SMEs | BellaNaija
Jun 26, · International Finance Corporation, a member of the World Bank Group, has approved $50 million loan to First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs). The loan is to enable SMEs sustain business activities disrupted by Also speaking, the Head, Training Academy of FCMB, Sola Oyegbade, stated that: “Just like the roots of a tree are responsible for the overall health and strength of the tree, FCMB BEST initiative has become a forum for feeding the SMEs with relevant resources to nurture and nourish their businesses profitably through tested and proven principles for capacity building, skills development and May 03, · Forex: CBN bars First Bank, UBA, FCMB & More from SME Sales Window. which revealed that only eight banks out of 22 had sold forex to the SMEs segment since the inception of the new window. He
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