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How banks are now asking Nigerians to sell their foreign currencies & convert them to Naira

by Vicky Oselumese
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How banks are now asking Nigerians to sell their foreign currencies & convert them to Naira

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Nigerian commercial banks are reportedly encouraging their customers to sell the foreign currencies held in their branches.

Some banks have developed platforms to educate customers on how to convert the dollar deposits in their domiciliary accounts to naira.

Through their internet banking platforms, customers can instantly convert their United States (U.S.) dollars to naira.

The transaction rate offered by the banks is pegged at N1,450 to the dollar, which is lower than the N1,510/$ exchange rate on the black market. The daily transaction limit is set at $50,000.

According to an anonymous staff member from the Central Bank of Nigeria (CBN), banks may contact customers with domiciliary accounts to recommend converting their foreign currency to naira.

However, this is not a mandatory directive from the CBN, but rather a service offered by the banks.

The staff member emphasized that utilizing official channels like banks is generally considered safer and more transparent.

It is important to note that customers are not obligated to sell their foreign currency, even if the bank recommends it.

An official from a commercial bank stated that the banks will not initiate the move to recommend conversion to customers.

Instead, if a customer wants to sell their foreign currency, they would need to provide written instructions to the bank.

The bank would then broadcast the request to other customers who may be interested in buying at the customer’s preferred rate.

If there are no buyers at the requested rate, the customer can choose to reduce it.

The bank cannot prompt customers to sell, as it would seem like they are forcing them.

This article was updated 2 months ago

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