Banks seek buyers as CBN flood market with Dollars – NAN

The new strategy of the Central Bank of Nigeria to meet all legal demand for foreign exchange (Forex) has led Money Deposit Banks to contend with expending all the dollars in their possession.

A check by the News Agency of Nigeria in Abuja showed that the banks had cleared all backlog of demands for foreign currencies for basic travel allowance, school fees and medicals.

A source in the United Bank for Africa, told NAN that UBA had so much dollars that the bank’s marketers had been asked to encourage customers to request for foreign currencies.

The source said that the bank wanted to avoid a situation where it was forced to return excess Forex to the CBN.

It explained that doing so would force the CBN to reduce the quantity of Forex it sold to banks.

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 demands 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 to in a page of any particular 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.

In a data released by the CBN, the apex bank, within three weeks, injected more than 1.4 billion dollars for both wholesale and retail intervention into the interbank Forex market.



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply