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We Are Running Out Of Dollars - Commercial Banks Lament

Posted by Lolade on Fri 26th Jun, 2015 - tori.ng

Nigerian Banks have been hit by dollar scarcity as a result of the recent restriction imposed on the Foreign exchange market by the Central Bank of Nigeria.

The recent restriction on Foreign exchange market transaction is taking a toll on activities of Nigerian banks .

According to top banking executives, banks in the country are currently under pressure to meet customers’ foreign exchange (forex) demand amid scarcity of the dollar in the financial services sector.

The executives spoke on Thursday, June 25, at the “CEOs Roundtable: Banking & Oil Industries” organized by Bloomberg in Lagos.

The Group Managing Director/CEO, FirstBank of Nigeria Limited, Bisi Onasanya, said forex scarcity was making it difficult for lenders to immediately meet the demands of importers requiring the greenback for transactions.

“Banks are not getting forex. Forex is drying up from the market. I sympathise with the CBN at this time and we cannot keep supporting the naira at this rate,” Onasanya said.