Banks tighten forex access as reserves hit 7-month low

Figures obtained from the Central Bank of Nigeria have revealed that the country’s external reserves hit a seven-month low after falling to $38.57bn on Monday.

Findings have shown that the continuous decline in the country’s external reserves used to defend the Naira value is making the banks tighten access to foreign exchange to travelers and other legitimate users as scarcity bites harder.

According to the obtained figures, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01bn and $38.39bn on October 10 and 8, 2021 respectively.

Due to scarcity, many banks are extending waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.