Guarantee Trust Bank (GTBank) has launched a convenient solution that allows customers to convert their dollars to naira directly from their bank app, eliminating the need to queue at the bank or exchange currency at street vendors. With just a few clicks on the app, customers can convert their dollars into naira at the prevailing market rate.
The new foreign exchange product offered by GTBank, the parent company of GTCO, enables customers to instantly convert their dollars to naira through internet banking. This development has raised concerns among black market operators, as customers now have a seamless alternative for currency conversion.
Bank customers can now convert the dollars in their domiciliary accounts to naira from the comfort of their homes or offices, thanks to innovative solutions introduced by banks. Currently, GTBank is the only bank providing this feature through its internet banking platform, but it is expected that other banks will follow suit in the near future.
Here’s a step-by-step guide on how to convert dollars to naira on GTBank’s internet banking platform at the black market rate:
- Log in to your internet banking account.
- Click on “FX transactions.”
- Select “FX sales.”
- Choose the amount of dollars you want to convert to naira. Within seconds, you will see the naira equivalent of the converted amount, which will reflect in your naira account after the conversion.
GTBank has set a daily conversion limit of $50,000 to naira. However, customers have reported that converting naira to dollars is not currently available through the platform.
This development minimizes the risks associated with transacting with street traders, known as ‘Aboki’, for currency conversion. Customers can now avoid potential issues such as accepting counterfeit currency and dealing with unfavorable exchange rates. According to a Lagos-based investment banker, this innovation will also contribute to increased dollar inflows into the country’s foreign exchange market.