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Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses - Business - Nairaland

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Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Islie: 9:54pm On May 02, 2017
By Mayowa Tijani

The Central Bank of Nigeria (CBN) has barred at least 12 deposit money banks (DMB) from the SME window of the foreign exchange market for flouting regulations, as it relates to small businesses.

A senior official of the CBN told TheCable that the financial regulator took the decision to bar the erring banks based on field reports, which revealed that only eight banks had sold forex to the SMEs.

Isaac Okorafor, the CBN spokesman confirmed the development, stating that 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.

He said only Access Bank Plc, Diamond Bank Plc, Fidelity Bank, Heritage Bank, Jaiz Bank, Sterling Bank, Unity Bank and Zenith Bank, sold forex to SMEs.

He warned that the CBN would not sit back and allow any form of instability in the interbank forex market through the actions of institutions or individuals.
He therefore urged all stakeholders to play by the rules for the benefit of the entire country and its economy.

Meanwhile, the CBN continued its massive intervention in the foreign exchange segment of the financial market by injecting a total of $196.2 million into the various segments of the forex market on Tuesday.

According to Okorafor, the apex bank offered the sum of the $100 million to authorized dealers at Tuesday’s forex wholesale auction, and $52 million at the SME segment, while invisibles such travel allowances, medicals and tuition received $44.2 million.

https://www.thecable.ng/breaking-cbn-sanctions-12-banks-flouting-forex-rules

1 Like 1 Share

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by eezeribe(m): 10:00pm On May 02, 2017
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
Recession is frustrating the economy...
Inflation is frustrating the Naira..
MTN and Etisalat are frustrating their workers...
Oba of Lagos is frustrating Ooni of Ife...
Kano state Government is frustrating Emir of kano...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.

161 Likes 19 Shares

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Ekakamba: 10:09pm On May 02, 2017
My android phone don chop my money tire, na him I come vex yesterday sell am, come take some money buy Chinaphone! The phone get TV, Touch screen, Nail cutter, Fire lighter etc. I fit write Text message with toothpicks sef. But now am in bigger trouble!!!
1. E go full after 3 minutes of charging.
2. The spellings get mistakes e.g NokLa, blackderry, i-pon, samswag etc.
3. When aeroplane pass, e go record "One missed Call".
4. When a big car horn; e go show "Charger connected"
5. When Chinese man pass, e go show: "One Bluetooth device found"
6. When fine lady waka pass, e go show "WiFi On"
7. When ugly lady waka pass, e go show, "Virus detected"
Abeg ooo! I wan sell am! Who wan buy ooo? Even as I dey find buyer, e dey show me for screen say "No contacts found"
tongue tongue

43 Likes 8 Shares

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by capatainrambo: 10:09pm On May 02, 2017
the banks nor get name?

1 Like

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Fabulosdave01: 10:10pm On May 02, 2017
Good move. Just be sanctioning them. They are really frustrating. Same way we will sanction buhari and all other pdp menbers in 2019

2 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by kennyslim1(m): 10:10pm On May 02, 2017
Of what use is this sanctions when the MD's has raked in massive cash from the Forex

2 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Flexherbal(m): 10:10pm On May 02, 2017
This is a good start.

5 Likes 1 Share

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Lilaex: 10:10pm On May 02, 2017
cheesy
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by deavicky(m): 10:10pm On May 02, 2017
Is that so I hope this will bring down the prices goods in the country.
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Nobody: 10:11pm On May 02, 2017
The always cheat the common man...

3 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Mabpaine(m): 10:11pm On May 02, 2017
In a way this govt is trying. Just dat most of us ar not ready to go thru d pain of rebuilding. I personally feel rebuilding is a waste of tym, if a new govt will destroy everything n back 2 square one. Banks ar doing there own. Everyone frustrating others. I may av 2 agree that this country is a jungle and nt evn zoo as ipob claims; it is kill or be killed in ds jungle. Only God can deliver ds nation

15 Likes 1 Share

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by cr7rooney10(m): 10:12pm On May 02, 2017
D problem of Nigeria is cbn agreed or not

1 Like

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by KKKWHITE(m): 10:12pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.
meaning we are all frustrating ourselves

2 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by GlassDoc: 10:12pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.
So everybody is frustrated in summary... haha

4 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by malton: 10:13pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
Recession is frustrating the economy...
Inflation is frustrating the Naira..
MTN and Etisalat are frustrating their workers...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.

Lol. Word.

1 Like

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by scribble: 10:13pm On May 02, 2017
Shame on gtbank

Yahoo yahoo bank

17 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by ADAMUdaCOWBOY: 10:14pm On May 02, 2017
capatainrambo:
the banks nor get name?

they named the banks that complied. Use your tongue to count your teeth!

3 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Young03(m): 10:14pm On May 02, 2017
Hmm
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by ADAMUdaCOWBOY: 10:14pm On May 02, 2017
This news is supposed to excite young Nigerians but the ever bitter children of bile (AKA wailers) will still see a reason to whine!
Wailers, only God can wipe your tears.

6 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by mcfynest(m): 10:15pm On May 02, 2017
Yippie.... This is good news o... Please look onto gtb and access bank rates...

8 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by saintade01(m): 10:15pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
Recession is frustrating the economy...
Inflation is frustrating the Naira..
MTN and Etisalat are frustrating their workers...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.

grin grin grin grin grin grin grin

and

angry angry angry angry angry angry

1 Like

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Tpave(m): 10:15pm On May 02, 2017
Good for them
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by TGLINKS(m): 10:17pm On May 02, 2017
CBN are criminals and d gorvernor is is conferm penrobber they stole my 20k after sombody deposited 1.5m to my acount wen ask zenith bank they said its other from CBN for ecess deosit my people una don here dis kind b4

1 Like 1 Share

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by ephi123(f): 10:18pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
Recession is frustrating the economy...
Inflation is frustrating the Naira..
MTN and Etisalat are frustrating their workers...
Oba of Lagos is frustrating Ooni of Ife...
Kano state Government is frustrating Emir of kano...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.

cheesy grin Hilarious. Funny, but true.

6 Likes

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Nobody: 10:18pm On May 02, 2017
How many small scale businesses enjoys support from our commercial banks, including micro, agricultural and well known bank of industry cbn is not even doing well in its charged duty of regulation
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Flets: 10:19pm On May 02, 2017
The cabal wants to drive up exchange rates for personal gains. Watch dollar hit 420 in few days....

1 Like 1 Share

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Lanre4uonly(m): 10:20pm On May 02, 2017
It is well.
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by GAZZUZZ(m): 10:21pm On May 02, 2017
eezeribe:
While CBN is frustrating importers of raw materials...
DMB's are frustrating SME's...
EFCC is frustrating the Opposition...
Senate is frustrating Magu...
Customs boss is frustrating senate..
Fayose is frustrating APC...
APC is frustrating Nigerians...
Recession is frustrating the economy...
Inflation is frustrating the Naira..
MTN and Etisalat are frustrating their workers...
Oba of Lagos is frustrating Ooni of Ife...
Kano state Government is frustrating Emir of kano...
PMB is frustrating the 5%..
ILL health is frustrating PMB..
This shows that in Nigeria,no body is above frustration.

weyrey cheesy
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by translux(m): 10:21pm On May 02, 2017
MAKE I RELAX DEY READ COMMENT

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by Nobody: 10:24pm On May 02, 2017
Hope say GTB and Access bank dey that list?

1 Like

Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by jeeqaa7(m): 10:24pm On May 02, 2017
ok
Re: Forex: CBN Sanctions 12 Banks For Frustrating Small Businesses by seunlayi(m): 10:24pm On May 02, 2017
Cbn, sanction the FG, Cbn itself and all banks, you've all failed woefully

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