FCMB raises forex sales to manufacturers, SMEs, corporate bodies

Leading money deposit bank, First City Monument Bank (FCMB) has announced increase in sale of foreign exchange to all customers and members of the public who play in the Small and Medium Scale Enterprises (SMEs) sector, manufacturing, Corporate Bodies as well as individuals, returns on utilisation of allocated FX published weekly by the lender in national newspapers show.

Business Hilights recalls that the Central Bank of Nigeria (CBN), in the last few days, has extended forex of various amounts to FCMB for invisible transactions, SME utilization, SMIS Wholesale (30-day forward) and SMIS-Retail (Spot).

With the apex bank readmitting the lender into the spot and wholesale strata of the foreign exchange market, FCMB has been receiving requests for forex and has been meeting its obligations in the sale of forex to all categories of businesses and individuals as approved by the regulator.