Banks have begun to reduce approval requests for Personal Travel Allowance and Business Travel Allowance to legitimate users. The legitimate users will be able to access forex only once in two quarters, The Punch gathered. Findings revealed that the development arose due to the lingering forex scarcity in the financial system. He said, “On the part of the monetary authority, there is no doubt that it is in a difficult situation because of excess demand for foreign exchange in the face of rather uncomfortable foreign exchange supply situation. The CBN governor launched its programme tagged ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.

Source: Punch September 13, 2022 10:07 UTC