How To Convert Your Dollars To Naira on GTBank Internet Banking

Last updated on February 12th, 2024 at 12:58 pm

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Domiciliary account holders can now convert their dollars to Naira instantly on GTBank internet banking platform.

In a message sent to infomediang.com Monday, June 26, 2023, Guaranty Trust Holding Company Plc (GTCO Plc) said:

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GTCO

Here is how to sell your dollar to GTB, using the prevailing market rate:

  • Go to your Internet banking
  • Click FX transactions
  • Select FX sales
  • Choose the account to debit
  • Account to credit
  • Amount of FX you want to sell
  • The next space “equivalent amount” will automatically calculate the rate
  • Answer your secret question
  • Click Continue

At the time of this publication, GTB $/NGN rate was N1,400.

Kindly note that this service is only available from 9am to 4pm Mondays to Fridays

Further guidance on operational changes to the foreign exchange market

In Case You Missed It: Following the Central Bank of Nigeria (CBN) press statements dated June 14, 2023, and June 16th 2023, on the operational changes to the Foreign Exchange Markets, banks in Nigeria updated their customers about changes to FX.

Takeaways from the new guidelines

All market segments have been collapsed into the Investors and Exporters (I and E) window, which is now known as Nigerian Foreign Exchange Market (NFM).

Also Read:  6 Practicable Ways To Invest In Forex Exchange in Nigeria And Make Profit

All eligible transactions are permitted to access foreign exchange at this window including visible and invisible transactions (medicals, school fees, BTA/PTA, airline and other remittances etc.)

Eligible customers’ transactions shall be processed at the prevailing rates based on the willing ‘buyers/sellers’ model at the I and E window.

Ordinary domiciliary account holders shall have unrestricted access to funds in their accounts and are permitted to cash deposits not exceeding USD$10,000 per day or its equivalent via telegraphic transfers.

The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due to further boost market confidence.

Customers are hereby advised to continue to send to the bank their FX requests to either buy or sell and adequately fund their accounts for this purpose.

Author

  • Opeyemi Quadri

    Ope is a finance writer and researcher with 10+ years of experience in content creation. His interests cut across decentralized finance, investment, foreign exchange, government policies and politics.

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