• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Dollars Scarcity Bites Banks

Editor by Editor
June 26, 2015
in Currencies, Politics
Share on FacebookShare on TwitterShare on Linkedin

There is great pressure within the Banks to meet customers’ foreign exchange (forex) demand amid scarcity of the dollar in the financial services sector.
This was the position of top bank executives who spoke yesterday at the “CEOS Roundtable: Banking & Oil Industries” organised 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.

Manufacturers are unable to fund the importation of their raw materials because of the scarcity of dollars.

RelatedStories

Access Bank

Access Bank acquires Standard Chartered Tanzania operations amid CBN’s regulatory forbearance restrictions on foreign deals 

June 24, 2025
Access Bank

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025

“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.

Onasanya said many manufacturers had huge cash, but no forex to buy. He attributed the scarcity to the go down in oil revenues, which is expected to drop from $84 billion in 2014 to $55 billion this year. The bank chief said there was little the apex bank can do to reverse the trend, except to partner with other regulators and promote the diversification of the economy.

Zenith Bank Managing Director/CEO Mr. Peter Amangbo agreed with Onasanya. He said the CBN was yet to clear the backlog of forex demands from importers and until that is done, it will be unwise to allow market forces decide the fate of the naira.

Here him:

“We have a case of panic and that has clogged the market. There is no need to devalue the naira. But CBN needs to clear the forex backlog before allowing market forces to determine naira status. When the investment climate is conducive, investors will come in and boost dollar supply.”
He said the CBN’s forex policy, including ban placed on some commodities from accessing forex from the official window, could be positive in the long run because there are local substitutes for each of the products affected. “CBN acted well. When you have scarce resources, you allocate them to areas of importance. We’re not in a hopeless situation,” he said.

The naira yesterday suffered a major setback, 24 hours after the announcement of the new forex policy by the CBN. President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Musa Gwadabe, said: “From a relative position of N221 to dollar, the naira nosedived to N225 to dollar yesterday. Also, the policy further creates room for speculation and hoarding. CBN needs to ensure adequate flow of forex to the real sector and create enabling environment to boost investors’ confidence.”

Source: The Nation

Tags: Access Bank Plc NewsBlack MarketCapital controlsCBN Forex PolicyFinancial ServicesNaira DevaluationNews Review
Editor

Editor

Related Posts

Access Bank
Company News

Access Bank acquires Standard Chartered Tanzania operations amid CBN’s regulatory forbearance restrictions on foreign deals 

June 24, 2025
Access Bank
Financial Services

Inside Access Bank’s N180 billion claims against MTN 

June 13, 2025
Access Bank completes acquisition of National Bank of Kenya to deepen presence in East Africa 
Corporate deals

Access Bank completes acquisition of National Bank of Kenya to deepen presence in East Africa 

June 2, 2025
Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform
Companies

Access Bank reaffirms commitment to diaspora financial inclusion, commends launch of NRBVN Platform

May 27, 2025
EFCC, NOUN, Sunflower Hotel
Financial Services

Alleged N5.7 billion fraud: EFCC witness reveals how ex-Bank employee accessed customers’ accounts 

May 16, 2025
#NoNoiseJustSigns: Access Bank unveils DiamondXtra Season 17, to reward customers with over N200m
Companies

#NoNoiseJustSigns: Access Bank unveils DiamondXtra Season 17, to reward customers with over N200m

May 15, 2025
Next Post
BGL Remains Suspended from Capital Market Activities – SEC

BGL Remains Suspended from Capital Market Activities - SEC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Meta acquires AI voice startup Play AI to boost audio content innovation 
  • Bitcoin soars past $121K, smashing records with no end in sight
  • Akwa Ibom Govt. to shut down health facilities with unqualified staff, enforce stricter regulations 

Follow us on social media:

Recent News

Meta announces Llama impact grant for Sub-Saharan African Startups, researchers

Meta acquires AI voice startup Play AI to boost audio content innovation 

July 14, 2025
Bitcoin

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics