CBN Says it Has suspended Some lenders from Forex sales


The Central Bank of Nigeria (CBN) has recently stated that it has suspended several lenders from its weekly spot and forward interventions because they had made it difficult for SMEs to access foreign exchange.

 In April, CBN cut the amount of paperwork SMEs required to buy dollars, to improve the ease of doing business and help narrow the gap between official and black market exchange rate.
 "The lenders were meant to sell dollars bought from Central bank to small firms to enable them import eligible finished and semi-finished goods but they declined," says CBN Spokesman Isaac Okorafor.

 He said the regulator took action based on field reports which showed that only 8 lenders sold forex to small firms since the start of the window in April, meanwhile Nigeria has 22 commercial lenders.
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