Ecobank Pledges Commitment to FX Sale to SMEs


Ecobank Nigeria has called on operators of small and medium enterprises (SMEs) in the country to approach it for their foreign exchange (forex) needs for importation. This, the bank said was line with Central Bank of Nigeria (CBN)’s recent directive to banks support the SMEs with forex for import.

Head, SME, Commercial Banking, Ecobank Nigeria, Sunkanmi Olowo, said apart from several initiatives to support the sub sector, SMEs business can now access foreign exchange up to CBN’s approved limit per quarter to cater for their import needs.

“As an SME friendly bank, we are again involve in the current regulator’s effort to make forex available to the operators to meet their import needs. We believe this will once again boost activities in the sector. We encourage SME promoters to approach our bank for their need. ”
He explained that to qualify for forex allocation, the SME operator is expected to present to any of its branches a duly completed Form Q; application letter to purchase forex through the scheme; foreign bank transfer details and proforma invoice from offshore supplier/ beneficiary.

The CBN recently opened a special forex window for SMEs. This, according to the central bank, would enable small and medium-sized businesses import eligible finished and semi-finished items, not exceeding $20,000 per operator each quarter.