Nigerians' Dollar Funds are Trapped in Domiciliary Accounts as Bank Managers Tell Customers to Go Home

Nigerians' Dollar Funds are Trapped in Domiciliary Accounts as Bank Managers Tell Customers to Go Home

  • Dollar shortages have plagued Nigerian banks, leaving consumers trapped and unsure of what to do
  • Customers who wish to withdraw money from their domiciliary accounts are increasingly being sent home by banks
  • For customers who try to make trouble, the banks requested that they make an order and wait for a call when it is unavailable

Bank customers are now unable to withdraw dollars from their domiciliary accounts amid a worsened scarcity of the currency in the financial services sector Legit.ng investigation has revealed.

Managers in 10 commercial bank branches visited in Ikeja, Ejigbo, Ago Palace, and Airport Road all confirmed the unavailability of dollars for withdrawal over the counter.

With the situation, many Nigerians who work for foreign companies full-time or as freelancers are left to take loans to survive.

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Dollar scarcity hit Nigerian banks
CBN Governor, Godwin Emefiele Credit: Tom settle
Source: Getty Images

One of the bank managers who spoke to legit.ng on condition of anonymity confirmed the widespread problem.

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Legit.ng observed him making several attempts to pacify some of the customers who were desperate for funds.

Speaking to the customers, he explained:

“The dollars in your account is yours and you have the right to get their money without any excuse. However, there are some realities, so it depends on the branch where they are making the demand because if the branch does not have the dollar cash, they will have to get it from other locations."

The bank manager made several calls to other branches for funds, but the stories were all the same.

Frustrated customers speak

Some of the customers shared their experiences and how it is now very difficult for them to go ahead with their plans.

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Chinedu Eze, who works for a US firm, said his bank had also failed to pay him money from his domiciliary account.

He disclosed that the money in his domiciliary account is all he has to live on while lamenting his inability to access it.

He said:

“It is really embarrassing and shameful. Usually, I withdraw cash from the account to change to naira but I have been unable to do that for some time now. Every time I go to my bank, all I hear from the officials is that they are trying to source for funds but up till this moment, there has been no money."

Another who simply identified as Segun said:

“It is frustrating and I don’t know what else to do. I hope that the Central bank of Nigeria finds a solution soon, some of us are not finding it funny at all.”

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CBN speaks

The Central Bank of Nigeria recently admitted that the dollar was in short supply while blaming the Nigerian National Petroleum Company Limited.

It argued that NNPC is not remitting enough dollars from oil sales and this has increased pressure on the foreign exchange market.

In response, NNPC revealed that in the first six months of 2022, over $2.7 billion was credited to the CBN account from oil sales.

CBN preaches hope as Naira fall to its lowest level in history to US dollars

Meanwhile, the Central Bank of Nigeria has assured Nigerians that the current Naira depreciation will soon be over.

The assurance comes from Michael Adebayo Adebiyi, CBN’s director, the research department at the Chartered Institute of Bankers of Nigeria (CIBN).

He gave various reasons why Nigerians should be hopeful in the coming months while listing policies in place.

Source: Legit.ng

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