Banks will Convert Customer's Dollars To Naira

Nigerian commercial banks are set to be reportedly inducing their customers to sell the foreign currencies domiciled in their branches.
Naija News gathered that some banks have developed platforms to sensitise customers on how the dollar deposits in their domiciliary accounts can be converted to naira.

According to The Nation, in a note via SMS to customers, some of the banks said domiciliary account holders could instantly change United States (U.S.) dollars in their accounts to naira directly on its Internet banking platform.

Although the bank claimed the rate was competitive, it pegged the transaction rate at N1,450 to the dollar, which is lower than the N1, 510/$ exchange rate on Thursday’s black market.

The bank also pegged the daily transaction limit at $50,000.
CBN Official Speaks
Speaking with the newspaper, an anonymous staff of the Central Bank of Nigeria (CBN) confirmed that banks might contact customers to recommend converting their foreign currency to naira.

The CBN official added that utilizing official channels like banks is generally considered safer and more transparent.


He said: “Yes, it is true that banks may contact customers who have domiciliary accounts and recommend converting their foreign currency to naira.
However, it is important to note that this is not a mandatory directive from the Central Bank of Nigeria (CBN). Rather, it is simply a service being offered by the banks.

Currently, the official exchange rate for selling foreign currency is actually higher than the black market rate. Therefore, converting through your bank could be a beneficial option.


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