Loot regularly hidden by idiot Egyptian resident? (5)

I believe the answer is:

nilot

'egyptian resident?' is the definition.
(person from the Upper Nile region)

'loot regularly hidden by idiot' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'hidden by' means one lot of letters goes inside another.
'idiot' becomes 'nit' (I've seen this before).
The alternate letters of 'loot' are 'lo'.
'lo' inserted inside 'nit' is 'NILOT'.

(Another definition for nilot that I've seen is " One using bank's facilities".)

I've seen this clue in The Times.

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