Dollar Scarcity: Bank Officials Direct Customers To Black Market

Due to the scarcity of dollars in the circulation, banks have surprisingly started to encourage their clients to patronise black marketeers, reports Punch Newspaper. Officials at some of the banks said an order had to be placed because the currency was not available.

A foreign exchange officer in one of the banks revealed that the price at his bank was not fixed as it changes daily. He said if a cuatommer was in need of the currency immediately, it was better to approach the black market in the Sabo area of Ibadan to purchase the dollars — at a higher rate, though.

He said, “Depending on the amount you want to purchase, you may have to place an order, but the price keeps changing. The price you see today might change tomorrow. In fact, it now changes every day.”

A banker who works at Eco Bank stated that the bank does not have dollars. He hinted that the best way to get the green back was at the black market, but said that they (the black marketeers) don’t sell at the official rate.

He also advised that while dealing with the black marketeers, clients should be careful because most of the marketeers had started selling fake dollars.

He said that if anyone wanted to transact business with them, it was advisable to ask the seller to meet them at a bank where the dollar currency could be checked to ensure that it is not fake.

“We have not had dollars here in a while. In fact, we don’t sell dollar. If you really need it, you would have to go to a licensed bureau de change. But I advise that you ask them to come to the bank so as to ensure you are not buying fake dollars,” he said.

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