EFCC Launches Crackdown on Forex Speculators as CBN Slashes Banks’ Allocations

In a recent report Gistlover gathered that Banks were experiencing a dollar scarcity as a result of the Central Bank of Nigeria’s reduction in their foreign exchange allocations.

Several bank representatives informed one of our correspondents that they were unable to satisfy their customers’ demand for foreign currency for things like school fees and personal travel allowances.