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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

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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.

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

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Naira

Naira to Dollar Black Market Exchange Rate September 30th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

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Naira Dollar Exchange Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

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

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1008 and ₦1000 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, September 30th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Naira

Naira to Dollar Black Market Exchange Rate September 29th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

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on

Naira to Dollar Exchange- Investors King Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

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

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1008 and ₦1000 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, September 29th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000. This shows that the value of the Naira was mixed when compared to Thursday, September 28th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Forex

Nigeria’s Forex Crisis Deepens as Trade Imbalance and Low Productivity Take a Toll

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Interbank rate

The former Acting Governor of the Central Bank of Nigeria, Adebisi Shonubi, promised to clear the foreign exchange backlogs within ‘one or two weeks.’

However, two weeks later, the situation remains dire, with forex shortages wreaking havoc on the Nigerian economy.

At the time of Shonubi’s promise, forex backlogs, primarily comprising unmet demands from investors and exporters, amounted to a staggering $10 billion. The most affected were manufacturers and importers relying on foreign currency to purchase finished goods and raw materials from abroad.

Startling data from the National Bureau of Statistics (NBS) revealed that in the first half of 2023, Nigeria spent approximately $6.7 billion on the importation of manufactured goods. Meanwhile, exports of manufactured goods accounted for a mere $285 million during the same period, highlighting the alarming trade imbalance.

In the second quarter, the value of manufactured goods traded reached N3.2 trillion, but only 93% of total trade was exports, amounting to N212 billion. Imports, on the other hand, stood at N3 trillion, translating to $3.8 billion spent on manufactured imports versus just $461 million earned through exports.

This data underscores the nation’s failure to achieve backward integration and promote locally made products.

It also reveals that the forex scarcity plaguing Nigeria is partly self-inflicted due to low productivity and a lack of infrastructure.

The Manufacturers Association of Nigeria reported a concerning decline in capacity utilization, falling from 59% in 2021 to 54.9% in 2023. The report cited difficulties in sourcing forex, which pushed manufacturers to seek local raw materials, albeit at a higher cost.

Unsold inventories also surged, reflecting declining purchasing power, rising inflation, and government policies such as the Naira Redesign.

The situation has been exacerbated by unfavorable macroeconomic conditions, including a cash crunch, high energy costs, and soaring transportation expenses.

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