It is no longer news that commercial banks in Nigeria don’t adhere to the CBN (Central Bank of Nigeria) official exchange rate. The banks trade foreign currencies to the highest bidder most times. You can only get the CBN official rate if you own a domiciliary account with a commercial bank. In this article, we’ll be looking at the exchange rate of one of those commercial banks.
Guaranty Trust Bank (popularly known as GTBank) is not just your regular commercial bank. They are a multinational financial institution offering various services. These services include Asset Management, Corporate & Investment banking, Online/Internet Banking and Retail Banking. GTBank has subsidiaries in 13 countries, most of which are in Africa.
It is important for GTBank customers to know their bank dollar exchange rate especially if you conduct foreign transactions. The GTBank Dollar exchange rate today will be broken down in two categories. We have the exchange rate from CBN which is the official rate, and the Black market exchange rate which GTBank will most likely sell to you.
Below is the official exchange rate from CBN used by GTBank for June 2019. This is the rate the bank usually use when customers want to sell foreign currencies to them. But it’s not the case when you’re buying the same foreign currencies from them.
GTBank dollar to Naira Official exchange rate
- 1 USD = NGN 306.5
GTBank pounds to naira exchange rate
- 1 GBP = NGN 389.16
GTBank euros to naira exchange rate
- 1 EURO = NGN 346.80
GTBank Canadian dollar to naira exchange rate
- 1 CAD = NGN 223
GTBank Japanese Yen to naira exchange rate
- 1 YEN = NGN 2.818
GTBank Chinese Renminbi/Yuan to naira exchange rate
- 1 Renminbi = NGN 44.33
GTBank South African Rand to naira exchange rate
- 1 Rand = NGN 20.72
GTBank Indian Rupee to naira exchange rate
- 1 INR = NGN 5.19
Now let’s look at the black market exchange rate used by GTBank for its customers. This is usually the rate at which they sell foreign currency to customers. It is hard to see any commercial bank in Nigeria that sell foreign currencies at their official CBN exchange rate.
GTBank Dollar to Naira Blackmarket exchange rate
• 1 USD = NGN 365
GTBank pounds to naira exchange rate
• 1 GBP = NGN 471
GTBank euros to naira exchange rate
• 1 EURO = NGN 412
GTBank Canadian dollar to naira exchange rate
• 1 CAD = NGN 277
GTBank Japanese Yen to naira exchange rate
• 1 YEN = NGN 3.12
GTBank Chinese Renminbi/Yuan to naira exchange rate
• 1 Renminbi = NGN 54.30
GTBank South African Rand to naira exchange rate
• 1 Rand = NGN 25.62
GTBank Indian Rupee to naira exchange rate
• 1 INR = NGN 5.32
Note: It is likely you get charged by GTBank at a different exchange rate than the ones quoted above. The market rates are usually not stagnant and fluctuate a lot based on a number of factors. But often, the margin is small. So, the above exchange rate is just for you to have an idea of how much you’ll be charged for your foreign transaction.
Also, it is important to note that commercial banks like GTBank will charge you when they sell dollar or any foreign currency to you. Make sure you ask for the percentage they charge before going on with the transaction. Most times, banks charge 2-5% of the money. Always ensure you are not overcharged for these transactions.