Business

Travellers Stranded As Dollar Shortage Hits Banks

Published

4 years ago

August 3, 2022

Nigerians are finding it increasingly difficult to access the United States dollar at the Central Bank of Nigeria’s official rate for eligible transactions, Daily Trust findings revealed.

Worse affected are those travelling abroad who are experiencing delays in accessing Business Travel Allowance (BTA), Personal Travel Allowance (PTA) and monies to pay for medicals and others.

Parents are also affected as they are finding it difficult to access the dollar for remittances of school fees and upkeep allowances for their children.

Forces behind the shortage

Daily Trust investigations revealed that it is extremely difficult to access the dollar because the demand far outweighs supply, forcing some banks to extend the request period for PTA/BTA from two weeks to eight weeks.

But other sources said the CBN had tightened the processes of getting the dollar because some unpatriotic Nigerians have been abusing the process.

A source said investigations by the apex bank showed that many people had no plan to travel anywhere or to remit money abroad for legitimate purposes but yet forge papers and apply for the foreign currency only for them to hoard it or sell it at the parallel market.

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Recall that the CBN had deployed an electronic Form ‘A’ to expedite applications for PTA/BTA, medicals, education and other remittances.

The CBN assured Nigerians that all legitimate requests for foreign currency for eligible transactions would be fully met at the official exchange rate.

However, Stanbic IBTC Bank recently sent a message to its customers stating that it requires six to eight weeks before it can process the request for dollars.

“To serve you better, please be informed that we now require six to eight weeks to process your FX needs for international school fees, upkeep and medical payments. This will enable us to review your requests in line with regulatory requirements and ensure that we can source for FX to fulfil them,” it stated.

A visit to a branch of Polaris Bank on Gimbiya Street in Abuja and First Bank in Asokoro showed that customers have been in the waiting queue for more than 3 weeks

In Kano, many students and people on medical and business trips looking for official forex from banks narrated that they have been experiencing difficulties in getting dollars since the introduction of the new strategy.

They alleged that there were middlemen always working within the banks who were complicating the process thereby leading to difficulties.

Travellers narrate ordeal

Abdullahi Ahmad who had finished his preparations and the requirements to travel to Dubai for medicals said he could not get the $4, 000 he applied for over two weeks.

“I have only two weeks for my Dubai Visa to expire and yet I didn’t get the dollar from my bank. When I contacted my elder brother, he then contacted a bank manager, who later promised to give me $4,000 at the end of this week. But that is not enough, she (the bank manager) said I have to pay N340, 000 as a kickback to be able to get the money,” he said.

He said although he accepted to pay that amount, he was not sure of getting the money as his visa expiration date was fast approaching.

A marketer at the BDC market in Kano, who chose not to be named, said the banks have crippled their businesses and forced the dollar to be scarce leading to the high exchange rate in the parallel market.

He alleged that the banks now only give dollars to people who add a huge amount of money, adding that it has led to the hike in the price.

We’re battling fake applications – Banks

A top source in one of the banks in Lagos, who does not want his name in print, said the scarcity has led to rationing.

“It is an open secret that we have shortage but we are trying as much as possible to meet genuine demand of people. So, we prioritise from the most critical as we can’t meet all the demand. We look out for the most urgent need,” he said.

He said the banks also have to battle fake applications in some instances.

“Many of the applicants are not going anywhere but they use different methods to apply for the dollar,” another banker said.

“You see them forging medical records, fake admission letters and others all in an effort to deceive us and get the scarce currency,” he said.

Asked if there was any way to solve the problem, he said, “The most important thing is to encourage export so that our earnings would increase. The federal government and the security agencies must also put some measures to track and prosecute offenders.”

However, Mavis Ikpeme via her Twitter handle, @mavisikpeme, lamented the difficulties in getting PTA/BTA from banks, noting that Nigerians were forced to patronise the black market.

“You can’t even file for PTA/ BTA from banks. Nigerians travelling are forced to patronise the black market. You can hardly cash USD from a dorm account too. Is the CBN not aware of these atrocities perpetrated by banks? These are part of the issues?” she said.

Another user, Olayinka Biu, accused banks of deliberately frustrating genuine applicants for PTA while making dollars available for Bureaux De Change.

“The actual problem is genuine applicants for PTA are not getting it. With excuses of dollars not being available or the queue being so long it couldn’t get to your turn before your travel date. Meanwhile, BDC agents are getting dollars directly from these banks,” she posted via her handle, @olayinkaBiu

We’re tackling the menace – CBN

The CBN has however assured that it was tackling the scarcity nightmare, even as it advised against succumbing to the speculative activities of some players in the exchange market.

The Director, Corporate Communications at the CBN, Mr Osita Nwanisobi said the apex bank remained committed to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.

While admitting that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those for the payment of tuition, medical fees and other invisibles, Nwanisobi said the CBN was concerned about the international value of the naira, adding that the monetary authority was strategising to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.

Related Topics:Banks Dollar Featured travellers

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Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure

Published

1 day ago

July 20, 2026

Trends Admin

Jetour Nigeria Unveils RELY R8, Rugged Luxury Pickup Built to Dominate Work, Adventure

Jetour Nigeria has unveiled the RELY R8, a premium pickup truck designed to combine rugged performance with luxury, advanced technology and exceptional versatility, setting a new benchmark for work and recreational vehicles in Nigeria.

Engineered to thrive in the country’s demanding terrain, the RELY R8 is built for agriculture, construction, logistics, security escort operations and weekend adventures, offering the toughness of a workhorse without sacrificing the comfort and refinement of a modern SUV.

The pickup boasts high ground clearance, impressive approach and departure angles, and a reinforced chassis designed to withstand harsh road conditions while delivering excellent stability, even in strong crosswinds.

Its all-terrain capability is enhanced by multiple driving modes, allowing drivers to switch effortlessly between mud, sand and paved roads. Whether tackling heavy-duty tasks or venturing off the beaten path, the RELY R8 is built to perform with confidence.

Inside, the vehicle departs from the traditional utilitarian pickup design, featuring a spacious SUV-inspired cabin that comfortably accommodates five adults while offering a premium driving experience.

Speaking on the new model, Jetour Nigeria representative, Kemi Adeola, described the RELY R8 as a perfect blend of strength, innovation and comfort.

“The RELY R8 delivers strength, reliability and advanced technology in one vehicle. It offers the capability of a modern workhorse without compromising on premium comfort or safety,” she said.

The pickup is equipped with a high-performance processor that powers its L2+ intelligent driving assistance system. It also features a 12.3-inch HD touchscreen infotainment system with Apple CarPlay, Android Auto and remote engine start for enhanced convenience.

Safety is another major highlight of the RELY R8, with features including Intelligent Cruise Control, Lane Keeping Assist and Autonomous Emergency Braking, all designed to provide greater confidence and protection on every journey.

Jetour Nigeria has continued to strengthen its presence in the country’s automotive market, earning recognition as the Fastest Growing Auto Brand in Nigeria, while its Jetour Dashing SUV won the prestigious Car of the Year award. The company has served as the sole authorised distributor of Jetour vehicles in Nigeria since 2022.

The RELY R8 is backed by comprehensive manufacturer support, genuine spare parts and professional after-sales service through Jetour Nigeria’s network of authorised dealers, including Elizade Nigeria Limited, New Era Autovehicle Services Limited, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited and Mandilas Motors.

Jetour Nigeria has invited prospective customers to visit any of its authorised dealerships nationwide to book a test drive and experience firsthand the RELY R8’s blend of rugged capability, cutting-edge technology and premium comfort.

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No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide

Published

1 day ago

July 20, 2026

Trends Admin

No Hiding Place for Traffic Offenders as FRSC Unleashes 12 Special Operations Nationwide

The Federal Road Safety Corps (FRSC) has launched one of the most ambitious nationwide road safety operations in its history, deploying 12 intelligence-driven, code-named special enforcement campaigns across the country’s Zonal Commands in a decisive bid to curb road crashes, crack down on traffic offenders and save lives.

The coordinated initiative, known as the Zonal Special Intervention Patrol (ZSIP), commenced on July 20, with all 12 Zonal Commands simultaneously rolling out operations specifically designed to tackle the peculiar road safety challenges within their jurisdictions.

The operations are peration Fushin Zuma (Anger of the Bee) in Kaduna, Operation Ride Safe in Bauchi, Operation Shark Smile in Port Harcourt, Operation ABO (Safe Passage) in Lagos, Operation Sauka Lafia in Abuja, Operation Kasolayo in Ilorin, Operation Kwushi Ihe Mberede in Enugu, Operation Sanity in Osogbo, Operation Total Compliance in Benin, Operation Harbin Kunama (Scorpion Sting) in Yola, Operation Hadarin Kalangu in Jos, and Operation Daidaita Loading in Zone 10.

The Corps said the coordinated intervention reflects its determination to confront the major causes of road traffic crashes through intelligence-led enforcement, aggressive public enlightenment, enhanced operational visibility, stakeholder engagement and strategic collaboration with other security agencies.

Approved by the Corps Marshal, Shehu Mohammed, the Special Intervention Patrol is designed to empower each Zonal Command to tackle the unique crash patterns and traffic violations prevalent in its area of responsibility.

According to the Corps Marshal, the initiative marks a significant departure from conventional traffic enforcement, shifting instead to targeted, intelligence-based operations capable of delivering measurable results in reducing road crashes and fatalities.

He explained that each operation had been carefully crafted to address dangerous driving behaviours and recurring traffic offences responsible for avoidable deaths and injuries on Nigerian roads.

Mohammed disclosed that the operations would witness massive deployment of FRSC personnel to highways, motor parks, loading points and other critical traffic corridors across the country.

The enforcement exercise, he added, would be complemented by sustained public awareness campaigns, stakeholder engagement and close collaboration with sister security agencies to ensure effective enforcement and prompt emergency response.

He warned motorists, commercial vehicle operators and fleet owners that there would be no hiding place for traffic offenders, stressing that anyone found violating traffic regulations would face firm but professional enforcement in line with the Corps’ statutory mandate.

The Corps Marshal, however, assured law-abiding road users that the operations were not designed to harass or punish responsible motorists but to safeguard lives and property.

He urged Nigerians to cooperate with FRSC patrol teams by obeying traffic regulations, avoiding dangerous practices such as overloading, mixed loading and reckless driving, while encouraging members of the public to report unsafe road users.

Mohammed also called on transport operators to embrace voluntary compliance, noting that road safety remains a shared responsibility requiring the collective commitment of government, transport stakeholders and every road user.

Summing up the Corps’ renewed determination to reduce road carnage on Nigerian highways, he declared: “Every Zone has a mission. Every patrol has a purpose. Every operation is a commitment to saving lives.”

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Jetour Nigeria Extends Winning Streak, Clinches Auto Brand of the Year Award

Published

1 day ago

July 20, 2026

Trends Admin

L-R: National President of the Chartered Institute of Logistics and Transportation, Dr. Boboye Oyeyemi; Jetour Nigeria Executive, Adeola Oluwakemi; and representative of the Hon. Minister of Marine and Blue Economy, Madam Yussuf Rasheedat, at the 12th Nigeria Transport Lecture event held at Radisson Blu Hotel, Ikeja, Lagos recently

Jetour Nigeria Extends Winning Streak, Clinches Auto Brand of the Year Award

Jetour Nigeria has reinforced its growing dominance in Nigeria’s automotive market after emerging Auto Brand of the Year at the 12th Nigeria Transport Lecture and Awards, adding yet another prestigious honour to its expanding list of industry accolades.

The award, presented at the Transport Day Media event held at the Radisson Blu Hotel, Ikeja, Lagos, recognises the company’s remarkable market growth, expanding customer base and commitment to delivering innovative mobility solutions backed by reliable after-sales support.

This latest recognition comes on the heels of Jetour Nigeria’s recent Market Share Leadership Award 2025 from Jetour International, further underscoring the brand’s rapid ascent as one of the country’s fastest-growing automobile brands.

A Rapid Rise to the Top

The award highlights Jetour Nigeria’s explosive growth trajectory, soaring market acceptance, and unwavering commitment to tech-driven vehicles and premium after-sales support.

Speaking on the decision to honour the brand, Publisher of Transport Day Media, Mr. Frank Kintum, noted that Jetour’s disruptive impact on the market made it impossible to ignore.

“The Jetour brand has made a remarkable impact on the Nigerian market since its introduction, and they have consistently sustained that momentum,” Kintum stated.

“It was therefore difficult to overlook the brand for this prestigious recognition.”

Power of Authenticity

This latest accolade underscores Jetour Nigeria’s position as the sole authorized distributor of the global brand. Officially appointed by Jetour International in 2022, the company holds the exclusive rights to import, distribute, and service the entire Jetour lineup in Nigeria.

To protect consumer investments, Jetour Nigeria has built a comprehensive automotive ecosystem. By purchasing through the official network, customers are guaranteed genuine spare parts, expert factory-trained technical support, and valid manufacturer warranties.

Global Recognition/ Diverse Lineup

Jetour Nigeria says in a statement tgst its aggressive market strategy is not just winning local awards, it is turning heads globally.

At the 2026 Jetour Global Conference, Jetour International presented the Nigerian team with the Market Share Leadership Award 2025, crowning it the brand’s top-performing market in Africa.

This joins an already packed trophy cabinet, which includes the Nigeria Auto Journalists Association (NAJA) New Entrant of the Year, Fastest Growing Auto Brand, and the NAJA Car of the Year for the sleek Jetour Dashing.

Jetour’s rapidly expanding portfolio caters to a new generation of Nigerian drivers, blending rugged capability with eco-conscious innovation-the Flagship- G700 stands at the apex of the lineup as a luxury off-roader that delivers highly efficient running costs thanks to its advanced Plug-in Hybrid Electric Vehicle (PHEV) powertrain.

The SUVs & Crossovers are the X50, X70 Plus, X90 Plus, T1 and the award-winning Dashing.

Rugged & Hybrid Capability-The rugged Jetour T2 (alongside its PHEV variant) and the X70 PHEV.

Nationwide Reach via Elite Dealerships

To ensure seamless, nationwide access to sales and premium maintenance, Jetour Nigeria operates through a carefully selected network of seven authorized dealership partners.

These remain the only entities officially recognized by both Jetour International and Jetour Nigeria to sell and service Jetour vehicles across the country, they are Elizade Nigeria Limited, New Era Autovehicle Services Limite, Kojo Motors, Germaine Auto Centre, R.T. Briscoe Plc, TAB Autos Limited, and Mandilas Motors.