Banks Awash As CBN Support Naira

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Banks  are awash with dollars, as the Central Bank of Nigeria (CBN) continues to support the naira.
The banks have cleared the backlog of requests for foreign currencies for basic travel allowance, school fees and medicals.
A banker told NAN that his bank had so much dollars that its marketers were asked to encourage customers to request for the greenback.
The source said that the bank wanted to avoid a situation where it would be forced to return excess Forex to the CBN.
Doing so would force the CBN to reduce the quantity of Forex sold to the bank.
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 requests from its customers

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