CBN urges bank customers to forward FOREX complaints

The Central Bank of Nigeria (CBN) has urged Small and Medium Enterprises (SMEs) and members of the public to lodge formal complaints to it against banks frustrating the efforts to make available FOREX to SMEs after the .

CBN Ag. Director, Communications, Mr. Isaac Okorafor, on the sideline of the ongoing IMF/World Bank stated that some entrepreneurs still complain that banks are frustrating their efforts at obtaining FOREX for their eligible imports after the stipulated 48 hours.

The CBN has received complaints that banks are still frustrating efforts of the SMEs on access to FOREX. We have reviewed all this and found out that a good number of the SME’s who complain do not give us evidence he said

He advised such victims of the antics of banks to ensure they make a photocopy of the form X, A, or M submitted to the erring bank and lodge a complaint, promising that CBN would surely take action with such evidence.

He regretted that some customers had merely made oral or written complaints without evidence upon which the CBN could redress the situation and punish erring banks.

Only recently, the CBN provided a FOREX supply window to the SMEs in realization of the important role they play as the engine of growth to the economy as well as providing employment to the teeming unemployed youths.

Mr. Okorafor, stated that any SME operator that has provided the required documentation and is not supplied with FOREX after 48 hours should take their case to the Bank through a call to 07002255226 or send an email to for necessary action.

Source: Voice of Nigeria