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Nigerian banks further ramp up dollar rationing

The persistent dollar scarcity in Nigeria and declining foreign exchange reserves have prompted some Deposit Money Banks (DMBs) to review their travel allowance disbursement time frame.

With the latest review, travellers who need dollars for Business Travel Allowance (BTA) and Personal Travel Allowance (PTA) would as from January 2023 be entitled to only two fulfilled requests in a year, as against four times.

The country’s forex market witnessed intensified dollar shortage on Monday, which resulted in further depreciation of the naira at the parallel market, also known as the black market.

Market survey revealed that naira depreciated to N800 per dollar on Monday, the lowest ever at the parallel market as the shortage of the greenback intensified after the Central Bank of Nigeria (CBN) announced plans to redesign the banknotes.

The external reserves of Africa’s largest economy declined further by 1.98 percent…

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