Gtbank exchange rate dollar to naira is keenly watched by observers and people who participate in the market. Guarantee Trust Bank is one of the biggest banks in Nigeria; and one of the key sources of foreign currency. This huge financial institution with a wide branch network is a central part of commerce, which is a central part of the economy.
At GT Bank, one can get all the major foreign currencies such as US Dollars, Great British Pounds, Euros, Chinese Yuan, as well as the Canadian Dollar, Australian Dollar, South African Rand, Turkish Lira, Indian Rupee, and the Ghana Cedi.
GT Bank offers these currencies at the CBN recommended rates, meaning that one can make huge savings by sourcing foreign currency from GT bank, as against the black market.
Gtbank Exchange Rate Dollar To Naira
|United States Dollars (USD)
|Great British Pounds (GBP)
|Canadian Dollars (CAD)
|Indian Rupees (INR)
|United Arab Emirates AED
|Ghana Cedis (GHS)
|Russian Roubles (RUB)
|South African Rands (ZAR)
|Turkish Lira (TRY)
|Egyptian Pound (EGP)
|Malasian Ringit MYR
Analysis Of The Rates Above
Despite the downward movement of the Nigerian naira, one can see that the rates offered by Guarantee Trust Bank are a lot better than those offered by the black market.
For example; at GTB one can exchange the US Dollar at N490; whereas at the black market it goes for N696. The Great British Pound goes for ₦ 610 in GTB, while at the black market it goes for ₦ 840, and the Euro goes for ₦ 549 at GTB, while it goes for ₦ 675 on the black market.
Therefore, rather than lose money by going to the black market; it may be a better idea to go to the nearest branch of Guarantee Trust Bank (GTB) to exchange your foreign currency.
What You Need To Know About Buying Foreign Currency From GTB
It is much easier to sell foreign currency than it is to buy. This is because the government’s stance is to restrict access to foreign currency to people who are in non strategic sectors.
Therefore, in order to keep the balance between demand and supply of foreign currency, thus protecting the value of the naira, the government encourages people to bring in their foreign currency for exchange to naira, thus providing supply.
There is a special incentive of N5 for every dollar exchanged at GT bank and other official channels. This is to encourage the public to patronize official channels, rather than take their money to the black market which has become notorious for inflating the prices of the currencies they exchange.
Sources Of Foreign Exchange
Aside from oil and other commodities which usually bring in dollars, the other major source of foreign exchange is repatriation of funds from Nigerians working in other countries.
Therefore, the most important foreign currencies in Nigeria are not exactly the ones with the biggest value; they are those that have the most demand and supply on the Nigerian market.
Some of the most in demand foreign currencies in Nigeria include:
The US Dollar
The US Dollar is the major currency of international business. The US dollar is therefore very important because there are many Nigerian businesses serving the international market. The need US dollars to buy and sell; the dollar is the most traded currency in Nigeria, and the first to move when the naira is about to go up or down.
Other Currencies Include:
Dhirams (United Arab Emirates)
South African Rands
General Outlook Of The Nigerian Naira
The general outlook of the Nigerian naira at the moment is quite poor; the currency is under a lot of pressure both on the official market, and on the parallel market. Analysts trace the naira’s free fall to socio economic problems putting the naira at a disadvantage.
Below are some of the factors affecting the exchange rate:
Looting Of Public Funds
Looting Of Public Funds has been identified as one of the problems causing the naira to be on the decline. This is because the money is mostly stolen in naira, but in order for it to be hidden away from the public it needs to be converted to foreign currencies, and put in foreign banks.
Therefore, corrupt government officials exchange the money at high rates because they are in a hurry to hide their loot. This creates an oversupply of the naira; which in turn leads to the naira dropping in value.
Insecurity is another major reason why the Nigerian economy has been on the downward spiral. The state of insecurity has put a lot of pressure on the naira because the key sectors of the economy can no longer function due to insecurity.
The agricultural sector was on the rise a couple of years ago, but all the gains have now been eroded farmers can no longer access their farms, and individuals can no longer invest in agriculture.
Even tourism which is an important contributor to the economies of many countries in Africa, and which has so much potential in Nigeria, has been grounded to a halt. Various governments have warned their citizens to stay away from certain parts of the country, and many people now see Nigeria as a volatile nation.
Lack Of Trust In The Economy
Many Nigerians have lost trust in the economy; with the result that they try to move their wealth and investments away from the country. Many others while still investing or working in the country have opted to saving their money in foreign currencies; abandoning the naira in the process.
Without demand for the naira; it will continue to fall.
Gtbank exchange rate dollar to naira is going up; despite the strict control which is the policy of the government, the country’s currency is weak, and the exchange rates are high due to the many problems of the country such as insecurity and so on. Nevertheless, GT Bank is one of the best places to source for foreign currencies.