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: “You can now convert US dollars in your GTbank domiciliary account to naira directly on our platform. It’s instant as a regular … Read more
Guaranty Trust Holding Company (now Guaranty Trust Bank) is selling US dollars to online buyers at NGN480.96/$1, research by InfomediaNG Business Solutions (IBS) has shown. Most times, commercial banks that have foreign exchange licences do not sell forex at a unified rate to customers as they determine what their rate would be. When a team … Read more
What Is Dollar Debit Card? A dollar debit card is a debit card that carries out transactions in US Dollars. It operates like the Naira Debit card, the major difference is that it’s denominated in USD or whatever foreign currencies’ transactions it’s designed to perform. Some banks in Nigeria have Pound Debit Card, which means … Read more
Nigeria is in a dire economic crisis as the country uses 40% of its foreign exchange to import the resources it produces as non of its refineries remain redundant. The country is one of the major producers of crude oil, yet it finds it difficult to refine the fuel it consumes daily, but the Nigerian … Read more
When Nigeria adopted the Naira as its currency on January 1, 1973, the US Dollar was just 68 kobo to a Naira (less than one naira). However, today, 1 USD is worth N1,300 on NAFEM after the Central Bank of Nigeria stopped ‘subsidizing’ the value of the Nigerian currency. Here is the timeline of the … Read more
On August 31, the Central Bank of Nigeria (CBN) said it discovered some Nigerians who bought forex for Personal Travel Allowance (PTA ) and Business Travel Allowance (BTA) with fake visas at designated banks, a practice that could lead to the blockage of account details of such defaulters or face prosecution. The apex bank immediately … Read more
The depreciation of the Nigerian currency lately calls for worry, from N199/$1 at the time President Muhammadu Buhari and his APC-led government took over to N576/$1 at the time of publication, it would not be economically palatable for Godwin Emefiele, a successful GMD at Zenith Bank and a former finance lecturer, to leave behind a … Read more
The latest forex middleweight wrestling between the Central Bank of Nigeria (CBN) and abokifx.com isn’t just dramatic but also shows how the inconsistent foreign exchange policies of Nigeria have created a system that benefited some people to the detriment of the Nigerian economy. Abokifx is a website that tracks foreign exchange rates both at the … Read more
There are speculations that the Central Bank of Nigeria (CBN) might pounce on foreign currencies in domiciliary accounts and convert such to naira in order to stabilise the foreign market. The rumour first surfaced on social media that the apex would be converting to naira domiciliary account holdings How True Is This Report? The same … Read more
The Central Bank of Nigeria (CBN) has vowed to revoke for a year the foreign exchange operating licence of any bank that engage FX malpractices The apex stated this in a circular entitled, “Observance of due diligence in the processing of foreign exchange transactions” which was signed by its Director of Trade and Exchanges Dr. … Read more