Nigerians wait weeks to get dollars

Nigerians wait weeks to get dollars Nigerians have to wait weeks to get dollars for their personal travel allowance because there are no dollars.

It is becoming increasingly difficult for Nigerians to obtain dollars at the official rate set by the Central Bank of Nigeria for transactions that are considered to be eligible. These types of transactions include remittances for school fees, student maintenance allowances, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), medical, and others.

Nigerians wait weeks to get dollars

 

 

Because the demand for dollars is so much higher than the supply, according to reports that have made their way to thenigeriafm.com from people who are familiar with the situation, obtaining dollars is extremely difficult. Some financial institutions have increased the amount of time customers have to submit a request for a PTA or BTA from two weeks to eight weeks.

The information was gathered from bankers and customers of the various banks in order for thenigeriafm to gain a better understanding of how easy it is to access dollars at the CBN official rate.

 

 

 

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What problems people are having to deal with

The Central Bank of Nigeria (CBN) gave the Nigerian people the assurance that all legitimate requests for foreign currency for eligible transactions, such as remittances for school fees, student maintenance allowances, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), medical and other eligible transactions, would be fully met at the official exchange rate. These transactions include remittances for school fees, student maintenance allowances, Business Travel Allowance (BTA), Personal Travel Allowance (PTA), and Business Travel

The apex bank also stated that “all banks would receive amounts commensurate with their demand per week,” and that these amounts would be sold to customers who meet the typical basic documentary requirements.

However, the truth reveals a very different picture. In February 2022, customers of Nigerian banks received messages informing them that the dollar limits on their debit cards would be decreased. In addition to this, the International Air Transport Association (IATA) published information in May 2022 that suggested Nigeria owed airline operators a backlog of more than $450 million.

As a result, Nigerians may be compelled to forget the CBN rate, which is currently trading at around N425 per dollar, in favor of the rate that is currently being offered on the parallel market, which is N616 per dollar.

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The statements made by the Bank

Stanbic IBTC Bank just recently communicated with its clientele, letting them know that the bank requires a period of time ranging from six to eight weeks before it can process a request for dollars.

“In order to provide you with a higher level of service, we would like to inform you that we now require six to eight weeks to process your foreign exchange requirements in order to pay for international school fees, upkeep, or medical expenses. According to a statement made by Stanbic IBTC Bank, “this will allow us to review your requests in accordance with regulatory requirements and ensure that we can source for FX to fulfill them.”

A member of staff at Zenith Bank, one of the largest banks in Nigeria, who spoke to thenigeriafm on the condition of anonymity suggested that the waiting time could be longer than eight weeks.

He stated, “Eight weeks is too short, and that’s assuming you even get the dollar at all.” The corporate office only gives my branch $4,000 every week, but we have 10-15 customers who want to travel within that week.

He continued by saying, “In such situations, we must ration, and try our best not to offend our major customer.”

 

 

 

 

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We also got in touch with a banker at GTBank, but he requested that we keep his identity a secret because he was not authorized to discuss the issue. He proposed a solution by stating that customers must submit their applications well in advance in order to obtain foreign currency.

“We always advise customers to apply 4-5 weeks before leaving the country so that we can process the PTA, and this is something that we strongly stand by.”

“It’s really difficult to get dollars at the official rate,” he said. “It’s really difficult.”
What the bank’s customers are saying about their experiences

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