National Wire About Nigerians, Nigerian Business and Other Stories
Sterling Bank says transparency, continuous engagement, proper documentation and promptness in sending returns of unutilised foreign exchange to the Central Bank of Nigeria are the main factors that helped the bank to escape the regulator’s ban from its Small and Medium Enterprises foreign exchange window.
The CBN had on Wednesday announced the ban on 16 banks from its “SME foreign exchange Window’’ for violating its guidelines. However, eight banks escaped the regulator’s action.
These were Sterling Bank, Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Heritage Bank, Jaiz Bank, Sterling Bank Plc, Unity Bank Plc and Zenith Bank Plc.
Speaking on the development, Sterling Bank’s Group Head, Treasury and Financial Institution, Kehinde Wole Olomojobi, said the lender escaped the sanction because it usually engaged the CBN to clarify issues and made sure that any foreign exchange not utilized were returned immediately to the apex bank and same communicated officially.
