What is the GTBank Dollar to Naira Exchange Rate Today?
Aside from Zenith bank, the GTbank Dollar to Naira exchange rate is one of the most favorable if compared with other commercial banks like UBA, Skye, FCMB, and First Bank.
This is so, although the CBN has clarified that all the Inter banks should stick to a friendlier exchange rate.
GTBank Dollar to Naira Exchange Rate Today
The exchange rate between Naira and significant global currencies, especially the US dollar, has been chaotic.
The nation’s FOREX industry has witnessed turmoil, with the Naira swinging north and south without sustained movements (gains) in its favor.
Thus, it has become commonplace for uncertainty to characterize market movements as the recent consolidations have reduced market prediction accuracy.
Although directed by the apex regulatory body, the Central Bank of Nigeria CBN, to abide strictly by its approved sale rate to customers, this call has rarely been heeded by all the banks.
Some banks have sold and continue to sell at the parallel (black market) market rate to their customers, which is in total deviance from the directive from the CBN.
It is in this light that we will be looking at the following:
GTBank dollar to naira exchange rate
- 1 USD to NGN — USD = Naira 490
Ranked among the top-tier banks in the deployment of up-to-date technology in service delivery, it is little wonder that one will be so interested in the bank’s dollar-to-naira exchange rate policy and whether it has obeyed the CBN’s directives.
Although several banks have been reluctant to obey to rules and guidelines laid down by the apex bank, a few have been very cooperative and among the very few is GTBank.
The Guaranty Trust bank has been tagged the “internet friendly” bank and has been relentlessly keeping up with this tag. This is not better shown than in the value at which they have pegged their current exchange rates.
Comparing the GTBank dollar to the naira exchange rate today and the Black market rate, we do not need a Ngozi Okonjo to tell us which rate is more favorable; we quickly see the distinction.
What is Behind the Current Dollar to Naira Rate for GTBank?
This is a question any reasoning members of society should wonder to answer. Every person must be on the trail of the currency of his home country in the quest to find out what causes its dynamism.
In a moment, we will consider a few factors that lead to the fluctuation of the GTBank dollar to the naira exchange rate.
Formulated Policies: Last year, GTbank ranked number one, followed by Zenith bank, in terms of Forex allocation, with a budget of $31.3 million allocated to take care of Forex activities, as well as invisible.
Such strategies have their way of managing to deflate or inflate the country’s currency, particularly influencing the GTBank dollar to the naira exchange rate.
The CBN could also be the financial body that has introduced such a policy, like in the case of what is currently going on where the CBN has given a price that most commercial banks should sell the Dollar.
That move has essentially instructed the GTBank dollar to the naira exchange rate, and today it sells at $320 to a dollar.
Increasing demand for Foreign products: There is a negative impact associated with importation activities. This impact ripples so profoundly into the economy that it does not leave the exchange rates out of its influence.
Indeed, these activities also affect the GTbank dollar to the naira exchange rate. They reduce the value of the Naira, thus increasing the exchange rates.
Loss of worth of our major export Commodities: We have a few products we export after all, like yams and tuber produce and some minerals.
However, the major export commodity we boast of is crude oil, and it is not strange news that oil price has experienced a severe crash.
The oil market for us has been so severely wounded that most experts doubt if there can be a total recovery; there will always remain the scar.
The Naira also is one of the victims of excessive importation. Thus, without question, it can be ascertained that the GTBank naira to dollar exchange rate also adjusted poorly until recently.
Current GTBank MasterCard Dollar to Naira Rate
Countenances are increasing with the current GTbank dollar to the naira exchange rate.
At N461 to a dollar, you can imagine how much more you can get compared to just a month ago; it’s likened to suddenly hitting a hot pot of gold.
More interesting is the impact the rates would have on Forex players in the major markets and business moguls like Dangote.
Such establishments have suffered huge losses since the Naira started to collapse, which runs in billions. You can imagine what the developments in the GTbank dollar to naira exchange rate today would mean to such businesses.
The bank will become one of the friendliest banks in Africa if it improves the current GTbank exchange rate from Dollar to Naira today, as travelers would rather patronize it for its swiftness.
And what do you expect? They stand in a high place in dictating the dynamism of the market today; after all, he who pays the piper dictates the tune.
What is Obtainable Today?
Today, the Naira has witnessed a sharp fall in value to the Dollar, selling at the rate of ₦461 to the Dollar. This drop has been seen in both the parallel and interbank markets.
The reason for this sharp fall of the Naira is due to the apprehension characterizing the exchange rate market on whether the apex bank and regulatory body can sustain its intervention to narrow down the exchange rate of the Naira to the Dollar.
What Does This Information Translate To?
In interpreting the recent instability in the FOREX market regarding the Naira and the Dollar, GTBank’s Dollar to Naira exchange rate, which has remained friendly compared to other bank rates since its (naira) recent gains following the CBN’s intervention, has gone to show that the bank’s utmost drive is the satisfaction of its esteemed customers.
It has shown that it is customer-focused and service-driven.
Also, it means that Nigerians, irrespective of whatever banks they patronize, have hope in the financial system as it does not all portend doom.
The actions of the hoarding of FOREX, which has characterized the Nigerian banking sector of late, are reflective of the decay in professionalism, but this shows us that all hope is not lost.
How are Nigerians Affected by This?
The exchange rate regime currently witnessed and the transparency of some banks to sell FOREX at much-reduced rates is commendable and positively affects Nigerians as there are still few banks like GTB willing to provide professional services.
Hence, people seeking dollars for Basic Travelling Allowances (BTA), tuition, importation, and medical treatments are not left stranded.
It also means that services will be driven by fundamental market dynamics, not artificial manipulations. With the CBN threatening to sanction erring banks, things can only get better.
Types of FOREX Services Offered by GTBank
The services related to exchange rate issues offered at the bank include a foreign currency inward transfer (FOREX inflow) and a foreign currency outward transfer (FOREX outflow). I will briefly explain these concepts.
Foreign Currency Inward Transfer
This transfer involves foreign currency (in this case, the Dollar) transferred into the GTB client’s domiciliary account from its corresponding banks. However, to benefit from this service, specific requirements must be met.
Some of such include, for the currency being received, there has to be an active domiciliary account and a sale of the money (Dollar) to the Bank (GTB) for naira equivalents, among other requirements set forth by the bank.
Foreign Currency Outward Transfer
Here, foreign currency transfers are effected to beneficiaries domestically and internationally through a corresponding bank or bank.
There are requirements to be met for any outward transfer to take effect.
Some of these include; the reasons for the transactions should be expressly stated; for example, if it is for tuition payment, such logic should adequately be captured.
These are events surrounding the GTBank Dollar to Naira exchange rate value and a wake-up call to other banks in the habit of exploiting Nigerians through hoarding the US dollar and creating artificial scarcity, thereby driving the exchange value of the Naira to the Dollar further down.