Banks shop for buyers as CBN floods market with Forex
A check 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 said that UBA had so much dollars that the bank’s marketers had been asked to encourage customers to request for foreign currencies.
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.
A source said, “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.”
In a data released by the CBN, the apex bank, within three weeks, injected more than $1.4bn for both wholesale and retail intervention into the interbank Forex market.