Guaranty Trust Bank announced on Tuesday that customers nationwide can now easily exchange their U.S. dollars for Naira.
According to a statement released by the leading financial institution, customers can now conveniently convert their US dollars to Naira through the bank’s Internet banking platform, without any hassle, similar to transferring funds between accounts.
The Internet banking platform is available from Monday to Friday, between 9 am and 4 pm.
The introduction of the new Dollar to Naira exchange platform follows the Central Bank of Nigeria’s (CBN) decision to float the Nigerian Naira and instruct all financial institutions to grant depositors access to their dollar deposits.
Banks are now encouraged to determine their exchange rates based on demand, while initiatives such as the naira4dollar scheme, which aimed to encourage dollar sales at a fixed rate, have been abolished.
Although President Bola Ahmed Tinubu’s series of changes has been well-received by foreign investors, its impact on the general Nigerian population is yet to materialize or demonstrate positive effects.
Despite the persistently high inflation rate and the subsequent increase in interest rates, Tinubu’s policies have laid the groundwork for long-term stability and economic growth. While immediate results may not be visible, these changes are essential for addressing the structural issues affecting the Naira and the broader economy.
It is important to recognize that tackling inflation requires a comprehensive and sustained approach that goes beyond short-term fixes.
According to the International Monetary Fund (IMF), Nigeria will save about N3.9 trillion in 2023 by removing subsidies.
“The recently undertaken PMS subsidy & FX reforms are historic, N3.9 trillion in savings in 2023 alone, stops Nigeria from going over a fiscal cliff and sets the stage for a new, upward investment, growth, and development trajectory,” Alex Sienaert, the chief economist at the World Bank stated.
