Forex

GTBank’s Revolutionary Forex Solution Deals Blow to Black Market Operators

Instant Dollar to Naira Conversion through GTBank’s Internet Banking Empowers Customers and Undercuts Street Traders

Published

10 months ago

July 5, 2023

GTCO Commemorates Listing on Nigerian Exchange - Investors King

The latest foreign exchange product introduced by GTCO, the parent company of GTBank, will disrupt the operations of black market operators.

This innovative solution enables customers to instantly convert their dollars to naira through internet banking, providing unparalleled convenience.

Bank customers can now effortlessly convert the funds in their domiciliary accounts from the comfort of their homes or offices, as banks continue to push the boundaries of innovation.

Currently, GTBank stands as the sole provider of this service through its internet banking platform, but other banks are expected to follow suit in the near future.

According to customer feedback, the bank allows conversions of up to $50,000 to naira on a daily basis. However, customers have noted that the option to convert naira to dollar is currently unavailable.

This development carries significant implications, as it significantly minimizes the risks associated with transacting with street traders, colloquially known as ‘Aboki’, for foreign currency exchange.

These risks include the possibility of accepting counterfeit currency and encountering unfavorable exchange rates.

A Lagos-based investment banker emphasized that this advancement would significantly mitigate such risks and simultaneously boost dollar inflows into the country’s foreign exchange (FX) market.

Oluwaseun Tijani, a tech lover, tweeted, “This makes a lot of sense, especially for remote workers that are struggling to exchange their foreign earnings. With this, there is no need to withdraw at the canter and run after Akobi before exchanging FX.”

“The parallel market will die slowly or become so irrelevant,” tweeted HallenjayArt.

“You can convert your US dollars in your GTBank domiciliary account to naira directly on our platform. It’s as instant as a regular transfer between accounts. Simply log into internet banking, click on FX transactions, and choose FX sales. Please note that you convert up to UD$50,000 daily,” the bank said.

“I tried this and it worked! Exchange rate was $/N771.5. We have been living in bondage since. We simply incentivised inflow into the parallel market and created that wide gap for no good reason,” Wilson Erumebor, senior economist, at the Nigerian Economic Summit Group (NESG), tweeted. He said if it is easy to instantly transfer foreign currency from one bank to another without stress, then the rates will be competitive across banks.

“It’s an unnecessary regulation that breeds corruption and arbitrage. People should be able to transfer across banks,” he tweeted.

“The relevance of the parallel market is mostly about buying scarce dollars with naira and not about changing dollars to naira. The only way for black market to die is for banks to also allow customers to buy $1000 every month through internet banking,” Little Rock at ObeleOkwute, tweeted.

Samson J, estate manager, tweeted that the exchange rate of N771 to a dollar is too high. “That means I can buy from black market and deposit to my GTBank dollar account to make more money,” he said.

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Samed Olukoya

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

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

2 days ago

May 4, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

3 days ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 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.