Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations, The PUNCH has learnt.
Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.
The gap between demand and supply has become worsened. We only the CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank told The PUNCH.
“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.
Other sources from banks also confirmed to The PUNCH that the CBN has drastically reduced their forex allocations.
The CBN on Monday said it would introduce measures to curb the naira slide.
However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.
