Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations, The PUNCH has learnt.

Deposit Money Banks are battling dollar shortage after the Central Bank of Nigeria slashed their foreign exchange allocations, The PUNCH has learnt.

Multiple bank officials told one of our correspondents they have been unable to meet their customers’ forex demand for school fees, Personal Travel Allowance, among others.

The gap between demand and supply has become worsened. We only the CBN will intervene and supply more forex soon, “ a top official of a tier-1 bank told The PUNCH.

“For some weeks now, we have not got allocation. Sometimes they delay in giving” another bank official said.

Other sources from banks also confirmed to The PUNCH that the CBN has drastically reduced their forex allocations.

The CBN on Monday said it would introduce measures to curb the naira slide.

However, the naira gained at the parallel market on Tuesday, after the central bank said it would intervene in the continued depreciation of the local currency.

On Monday, while speaking after briefing President Bola Tinubu on what the bank was doing to halt the naira slide, the Acting Governor, CBN, Folashodun Shonubi, said the fluctuation in the parallel market was not solely driven by economic factors, but also speculative demand.

However, some Bureau de Change Operators who spoke to The PUNCH, said the naira which was earlier exchanged to the dollar at 956/$ on Monday, exchanged at 925/$ on Tuesday.

A BDC operator, Alh Alli Kareem, said, “Today, we bought and sold the naira at 915/$ and 925/$. They are saying they will pump more dollars into the economy but, we are still waiting.” #musicnaija1