Most Nigerian banks today have taken advantage of the poor state of the Naira currency against foreign currency. These banks buy foreign currency at a cheap rate from the Central Bank of Nigeria (CBN) and sell at the parallel market at a higher rate.
It is essential you know how much you are being charged at your local bank before going ahead with the transaction. We even suggest you shop around for the best rates among banks. In this article, we’ll be discussing the First Bank dollar to naira exchange rate today. Not just the dollar rate of First Bank but also other popular foreign currency.
Regarding the exchange rate, we have the Interbank Rate and Parallel Rate. The Interbank Rate is mainly used by banks for transactions within themselves. These rates are not given to individual or customers, while the parallel rate is the rate you get from third parties. These rates are popularly known as ‘black market rate’.
The thing is most banks don’t trade using the CBN official rate even though they are instructed to. They follow the black market rate, which they believe will lead to more profits for them. Regardless, we’ll let you know the exchange rates of First Bank for both the CBN official rate and the parallel rate. Bookmark this page cause we’ll be updating it daily with First Bank Dollar to naira exchange rate and other foreign currency.
First Bank is the first commercial bank ever in Nigeria. They have been in existence since 1894. Based on total deposits and gross earnings, First Bank is among the biggest bank in the country. First Bank specialises more on retail banking even though they’re a multinational financial service provider. They have subsidiaries in DR Congo, China, Ghana, Guinea, Senegal, Sierra Leone, South Africa, United Arab Emirates, United Kingdom and France.
Below is the official exchange rate from CBN used by First Bank for June 2019
First Bank Dollar to Naira Official exchange rate
- Official 1 USD = NGN 306.3
- First Bank pounds to Naira exchange rate is 1 GBP = NGN 389.14
- First Bank Euros to Naira exchange rate is1 EURO = NGN 346.83
- First Bank Canadian dollar to Naira exchange rate is 1 CAD = NGN 223
- First Bank Japanese Yen to Naira exchange rate is 1 YEN = NGN 2.82
- First Bank Chinese Renminbi/Yuan to Naira exchange rate is 1 Renminbi = NGN 44.3
- First Bank South African Rand to Naira exchange rate is 1 Rand = NGN 20.72
- First Bank Indian Rupee to naira exchange rate is1 INR = NGN 5.20
- Now let’s look at the black market exchange rate used by First Bank for its customers.
First Bank Dollar to Naira Blackmarket exchange rate
- 1 USD = NGN 365.5
- First Bank pounds to Naira exchange rate is 1 GBP = NGN 471.5
- First Bank euros to Naira exchange rate is 1 EURO = NGN 412.3
- First Bank Canadian dollar to Naira exchange rate is 1 CAD = NGN 278
- First Bank Japanese Yen to naira exchange rate IS1 YEN = NGN 3.13
- First Bank Chinese Renminbi/Yuan to naira exchange rate IS 1 Renminbi = NGN 54.35
- First Bank South African Rand to Naira exchange rate is 1 Rand = NGN 25.64
- First Bank Indian Rupee to Naira exchange rate is 1 INR = NGN 5.34
Always keep in mind that exchange rates are in a constant state of flux. And you’ll often be charged less or more than the above-listed rates. The margin is usually very small but can still affect your transaction especially if you are transacting in huge volume. First Bank’s rates are always competitive and often have the best in the market.
