Nigeria’s current foreign exchange crisis appears to be shaking the country’s economy to its foundation as Deposit Money Banks (DMBs) are currently batting with Dollar shortages.
This was even as domiciliary account holders and recipients of diaspora remittances appear to be the most affected.
Daily Sun reports the development could pose a threat to the $10.11 billion diaspora remittances from Nigerians received between January and June 2022, representing a 9.6 per cent increase compared to $9.23 billion recorded in the corresponding period of 2021.
Some bank customers who spoke to Daily Sun said since last week, they have been unable to withdraw foreign exchange in their domiciliary accounts while those with families and friends abroad cannot equally access Dollars sent to them.
One of the customers of a second-generation bank, Lekan Olawoyin, said the situation has become frustrating even as he called on the relevant authorities to take urgent steps to address the problem of foreign exchange scarcity.
He said his efforts to access the $5000 in his account have proved abortive since Tuesday, as only $1,500 was released to him after visiting three different branches of the bank.
‘‘I set out as early as 8am yesterday morning to be among the first set of customers that would be attended to but what I experienced shocked me. The teller at the Iju road branch of the bank told me I cannot access above $1,000 because there are no funds to match my request. I had no choice but to collect it.
The greatest shocker was at the bank’s Allen Avenue Branch in Ikeja where I was told I could not get above $100. From there I went to the Adeniyi Jones branch where I was paid $200 and finally to the U-turn branch on Lagos-Abeokuta Expressway where I got another $300.
REPORTERS AT LARGE earlier reported that at least eight Bureau de Change (BDC) operators have been arrested following the Economic and Financial Crimes Commission (EFCC) raid on the Wapa forex market in Kano.
