CBN to sanction banks hindering SMEs’ access to forex

The Central Bank of Nigeria (CBN) on Friday said it would sanction banks denying Small and Medium Enterprises, SMEs, access to foreign exchange (Forex) from the newly instituted SMEs Forex Window.

The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, who disclosed this Friday, said appropriate sanctions are spelt out by the CBN Act, and the Banks and Other Financial Institutions Act (BOFIA).

The new window, which opened about two weeks ago, is designed to help SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

The CBN spokesperson said staff and even chief executives of banks could be punished where necessary, adding that the apex bank had already received series of complaints from bank customers, especially those that operate in the SMEs segment of the market that banks were frustrating their efforts at getting forex.

He noted that some entrepreneurs still complained that banks were frustrating their efforts at obtaining forex for their eligible imports after the stipulated 48 hours, adding that the regulator has reviewed the complaints and discovered they were not evidence-based.

The CBN, therefore, appealed to bank customers and the SMEs to provide concrete evidence against these banks so it could hold them responsible by way of sanctions, Mr. Okorafor said.

“Get a photocopy of your Form Q, Form X, Form A or Form M. Give us the name of the bank, branch and send to us and we will deal with them as example to others,” he said.

“The only way the we can make things better for Nigerians is for them to call the CBN whenever they are in trouble or whenever, or are getting frustrated by banks.

“We have a number you can call or you send an email to our Consumer Protection Department,” he said.

The apex bank spokesperson also urged Nigerians frustrated by banks to call and lay complaints, adding that the CBN would ensure that they get redress.