Keystone Bank Re-admitted into Forex Market

By Modupe Gbadeyanka

Keystone Bank has been re-admitted into the foreign exchange market by the Central Bank of Nigeria (CBN).

This followed evidence of sales of forex to Small and Medium-scale Enterprises (SMEs) provided by the lender to the banking industry watchdog.

A statement issued by Keystone Bank on Thursday quoted the Acting Managing Director of the financial institution, Mr Hafiz Bakare, as saying that, “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.”

Last week, the apex bank suspended more than 10 banks from the forex market for failing to sell foreign currencies to SMEs.

Of all the banks operating in Nigeria, only eight of them were allowed to continue to operate in the market and these include Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank Plc, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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