This post is based on my recent Dollar to Naira exchange rate (black market) experience with GT Bank both on June 8 April 29, 2018.
US Dollar to Naira exchange rate at GT Bank and other banks are still on the increase compared to other local Bureau De Change out there.
For instance, Gt Bank charged me N11,046.91 on June 8, 2018 for purchasing $30USD, making it N368.23K to one US dollar.
Today, June 11, 2018, 1 US Dollar is N362 on abokifx.com, Nigerian one of the most popular exchange market in Nigeria, and it’s been N362 since June 7, 2018, but it’s N1 lower on June 6.
Coming back to other banks, $1 was N366 at First Bank of Nigeria (FBN) as at June 8, 2018, and N367 at Access Bank.
Officially one dollar to Nigerian Naira was N305.65 on Central Bank of Nigeria (CBN ) exchange rate as at April 29, 2018, but the black market is free for all, which gives Guaranty Trust Bank and presumably other financial institutions to sell $1USD at the rate N368.354Kobo today.
While GTBank sold for N368.354kobo, abokifx.com sells for N363 as at April 27, 2018, making GTB more expensive than other bureau de change in the market.
Disclaimer: The exchange rate here was based on my personal experience with GTBank exchange rate. It’s subject to change. The view expressed here is absolutely the author’s. We’ll keep updating this post.
In one of my trading platforms, where I needed to fund my account with dollar, GTB deducted N1,842.77kobo for just $5USD at about 0800hours.
Dollar to Naira exchange rate isn’t static though, this could be attributed to monetary policies of the Federal Government, which made Nigerians who buy goods and services on international trading platforms like alibaba.com, ontega.com, iqoption.com and other foreign-based trading platforms to pay more than they bargained for.
What makes this astonishing is the fact that there won’t be any alert or notice about how much would be deducted from your account balance.
The immediate message you can ever get from Nigerian bank is: “Naira equivalent of USDD5.00 has been authorized for the transaction done on…”
It could take GTB 24hours or more to send you your account balance, the fastest method to do this is by using the *737#, enter 7, and input the last four digits of your debit card, which isn’t free.
Abokifx: The fx will buy $1USD from you at the rate of N360, while it sells the same dollar for N362.
For Britain’s Pounds Sterling, it’s N500 if you’re selling while buying costs N550.
Euro: It’s N436 , and N442 if you’re buying from abokifx.
Its exchange rate is fair compared to other exchangers in the market. It’s even better than some financial institutions in Nigeria.
This makes abokifx a stop for everyone who wants to have fair dealing in their exchanges.
GT Bank, Access Bank, Wema Dollar to Naira rate:
At the time of updating this post, the last dollar exchange rate at GT bank was April 30, which was N367.
Wema and Access Bank today will sell a dollar for you at the rate of N367 to a dollar.
What customer-oriented regulatory roles does CBN have on Nigerian banks in terms of exchange rate?
While we may not be able to give you the history of exchange rate of US dollar to Nigerian Naira, it however seems that Central Bank of Nigeria (CBN) doesn’t have control over Nigerians banks how much a foreign currency should exchange for.
Back in 2014/2015, when a dollar was below N200 buying on international market places was a great experience.
Today, that has changed, because you may have to spend more than buying at home at the end considering the quantity of products you’re ordering
At the time of going to press, here is the CBN exchange rate (selling) below of the top twelve traded foreign currencies in Nigeria:
|Currency (April 27, 2018)||Selling (Naira)|
|South African Rand||24.6476|
Infobase.com.ng final take:
While high rate of imported goods, and poor leadership may be attributed to be this abnormal exchange rate, a serious government can through its monetary policy work things out to make Nigerian Naira more valuable against other foreign currencies.
More disturbing is the fact that Botswana and The Gambia currencies are even valuable than Nigerian Naira. These two countries look up to Nigeria as the giant of Africa.
We hope things will be fixed one day.
How much were you charged by your bank the last time you made international purchase through your credit card?
Share your thoughts with us.