Banks Now Looking For Customers To Sell Dollars To
Banks have so much dollars they are struggling to find buyers.
This was after the Central Bank of Nigeria injected more dollars into the banks to help them meet all requests for dollars made before now.
Recall that the CBN in a bid to strengthen the Naira had kept providing dollars to the commercial banks. The banks are reported to be holding so much dollars and were looking for customers to buy the dollars.
The banks, according to reports, have cleared the backlog of requests for foreign currencies for basic travel allowance, school fees and medicals.
A banker told News Agency of Nigeria that his bank had so much dollars that its marketers were asked to encourage customers to request for the greenback.
The source said that the bank wanted to avoid a situation where it would be forced to return excess dollars to the CBN.
Doing so would force the CBN to reduce the quantity of Forex sold to the bank.
Another source from First Bank said following the CBN intervention, the bank had succeeded in clearing all pending requests for Forex as far back as September, 2016.
Also, a source in Guaranty Trust Bank commended the decision of the CBN to flood the market with Forex, thereby allowing the banks to meet legitimate requests from its customers.
It was also gathered from Heritage Bank that prior to now, the bank published the names of individuals and companies it disbursed forex in the newspaper.
“Right now, we take two or three pages in the newspaper to publish names of legitimate individuals and companies that we disbursed forex to.
“We have more than enough foreign exchange to meet the request of our customers for school fees and others,” NAN was told.