Are these two related

I was in a bank today for a transaction when three different persons came in wanting to make dollar deposit but were told that wont be possible at the moment.

The bank gave it reason as been that they are receiving dollar deposit without receiving request for withdrawal resulting to them exhausting the limit given to them by NDIC for dollar insurance.

I was thinking, can't these people go to bureau de change to convert these currencies to Naira and make the deposit in Naira but the thought of the amount they are looking to deposit being large for a bureau de change distracted the thought.

A second thought came in. With the ban of Crypto, Naira crashing against the dollar may be possible in coming days but that seem impossible for now seeing the amount of dollar in circulation which could result in crashing of dollar against the Naira in coming days.

What then could be the cause of these excess dollar in Nigeria market?

Dollar has been going up against the naira for the past 3 months

The most clueless organization at the moment is CBN

CBN now changes policies per seconds

Official rate is 395

Most banks do 425

The rate @ wahich yahoo boys are getting dollar this days you will be tempt to join them even as the EFCC pursuing them. One yahoo boy in my area like that secondary shool drop- out, a frien told me he just collected $60,000 i couldn't believe untill i saw the boy with Lexus 360 2020 Model i was lambasted.

Pmedia7787:
Dollar has been going up against the naira for the past 3 months

The most clueless organization at the moment is CBN

CBN now changes policies per seconds

Official rate is 395

Most banks do 425

And stanbic IBTC Bank charged me N450.01 per Dollar