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Nigerian Banks Increase Processing Time for Foreign Exchange Access

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US Dollar - Investorsking.com

Nigerian banks have recently made changes to the processing time for accessing foreign exchange (FX) for international school fees, personal travel allowance (PTA), and business travel allowance (BTA).

The processing time for accessing FX for international school fees has been increased to 120 days from 48 hours, while the amount of dollars for PTA and BTA has been cut by 50% and 60%, respectively, to $2,000 from $4,000 and $5,000.

The notice was first given by Access Bank in a letter titled “Important Information on Form A Request.” The bank noted that PTA/BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date.

International school fees and upkeep requests are processed within 120 days from the date of approval. Other banks are also expected to follow suit.

This development is a consequence of the persistent shortage of foreign exchange in the country, which has affected the ability of banks to meet customers’ requests for foreign currencies. This is not the first time the Central Bank of Nigeria has directed banks to reduce the processing time for PTA and international school fees.

In 2017, the CBN directed banks to meet all PTA needs within 24 hours of application and respond within 48 hours if the application was in respect of paying school fees and medical bills. Subsequently, the processing time was reduced to 30 days and later to 60 days due to dollar shortages.

Last year, First Bank of Nigeria informed its customers in a notice that a minimum of 60 days was required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the bank’s branch.

The Nigerian Naira has also been affected by the increased demand for the dollar ahead of the gubernatorial traders’ statement, falling by 0.4 percent against the dollar. After trading on Monday, the local currency depreciated to an average rate of N753 per dollar, down from N750 last week at the parallel market.

At the Investors and Exporters (I&E) forex window, the Naira depreciated by 0.04 percent as the dollar was quoted at N461.67 on Monday as against the last close of N461.50 on Friday.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 18th, 2024

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira to Dollar Exchange- Investors King Rate - Investors King

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,590 and sell it at N1,580 on Thursday, March 14th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,620
  • Selling Rate: N1,610

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today, March 14th, 2024

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

NAIRA - Investors King

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,610 and sell it at N1,600 on Wednesday, March 13th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,590
  • Selling Rate: N1,580

Continue Reading

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today, March 13th, 2024

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira Notes

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,620 and sell it at N1,610 on Monday, March 11th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,610
  • Selling Rate: N1,600

Continue Reading
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