Customers’ frustrations grow on no-dollars via money transfer

There is growing frustration among customers who have tried to withdraw the dollars sent to them via money transfers, but could not due to the scarcity of foreign exchange (FX) in the Nigerian banks.

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the official FX receipt from crude oil sales into the country’s official reserves had dried up steadily from above $3 billion monthly in 2014 to an absolute zero dollar as at end November 2022.

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