Many Nigerians who approached banks for Personal Travel Allowances met by brick walls as banks are unable to meet their demand due to the scarcity of dollar.
A survey of several commercial banks in Lagos has shown that most institutions are struggling to keep up with the demand for forex, and in many cases, they simply have nothing to sell.
As a result, customers are left with no choice but to explore alternative sources, such as the black market, to meet their forex needs.
When questioned about the situation, a manager at one of the commercial banks, who preferred to remain anonymous, disclosed that forex is typically sold to at most two customers per week, but there are often periods when they have nothing to sell.
Another bank executive stated that their branch hadn’t sold dollars as PTA or travel allowances in weeks, and customers were frequently redirected to larger branches.
The frustration of customers has led many to resort to the black market to secure their much-needed supply of forex, especially now that the disparity is not as wide.