How To Convert Your Dollars To Naira on GTBank Internet Banking

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

GTCO Sells US Dollar At NGN480.96/$1 To Online Buyers

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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

How To Obtain Dollar Debit Card in Nigerian Banks

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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

History of Official Exchange Rate in Nigeria From Gowon Regime to Present

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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

Names of Nigerians Who Bought Forex With Fake Visas And Their Account Details

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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

How Oniwinde Adedotun Founded Abokifx in Nigeria in 2014

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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

Fact Check: Is CBN Planning To Convert Domiciliary Account to Naira?

Foreign Exchange Market Nigeria Dollar To Naira

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

CBN to Revoke Forex Operating Licence of Banks That Engage in Sharp Practices

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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

Some Nigerians Use Fake Visas To Buy PTA and BTA – CBN, Vows To Expose Forex Defaulters

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The Central Bank of Nigeria has confirmed that it is aware that some Nigerians used fake visas and deliberately cancel their air tickets after purchasing Personal Travel Allowance and Business Travel Allowance. Recall that the apex bank mandated financial institutions to make PTA and BTA accessible to Nigerians who need forex to settle important needs … Read more

CBN Freezes Accounts of 18 Companies for Suspected Forex Violations

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UPDATE: Almost two years after the bank accounts of some companies and individuals were frozen, Nigeria’s apex bank on Tuesday, July 26, 2023, directed banks to vacate a post-no-debit restriction placed on the affected accounts. In a circular signed by A.M. Barau on behalf of the Central Bank of Nigeria (CBN), directed the banks to notify the concerned … Read more

3 Ways To Receive PTA Payments To GTCO Account in Nigeria

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Commercial banks in Nigeria are seriously implementing the order of the Central Bank of Nigeria (CBN) as par the establishment of Forex Teller Points to simplified access to foreign exchange for Personal Travel Allowanace (PTA), Business Travel Allowance (BTA), medicals, and foreign school fees payment. While the Direct Money Banks (DMBs) continue to implement the … Read more

5 Implications of CBN Stoppage of Forex Sales to BDC Operators in Nigeria

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I read in the news on Tuesday, July 27, 2021, that Godwin Emefiele-led Central Bank of Nigeria halted the sales of forex to the Bureau De Change operators in Nigeria. CBN will now be supplying forex to ONLY commercial banks. The new rule takes immediate effect. Should you be worried about the new CBN policy … Read more