You may be looking for how to convert or exchange the dollar in your dom account without withdrawing it. In this article, we will be revealing to you how you can exchange dollar, pound sterling or euro that is in your Dom bank account without withdrawing it and have the naira equivalent credited into your naira bank account.
Traditionally, Domiciliary Account holders withdraw their dollar, pound sterling or euro cash and then exchange them to naira at the parallel market. Most Dom account holders preferred that way because it offered them that opportunity to exchange at the black market which offers high foreign exchange rate than the official market. But following the floating of Nigeria’s forex markets by the Central Bank of Nigeria which seeks to unify the forex market to have single exchange rate, the I&E Window, where forex is traded officially in Nigeria now offers near same rates with the parallel market. Sometimes, the exchange rate at the official market goes higher than that of the unofficial market within the trading day, making some dollar account holders desiring and looking for means to exchange their dollars in their account straight from their account at the official rate.
If you’re one of those who want to exchange their dollars, Euro and Pound sterling in there Dom accounts straight from their accounts, here are ways you can do so.
Nigerian Banks You can Change Dollar in Your Domiciliary Account to Naira Instantly
- GTBank
Guarantee Trust Bank Internet Banking Platform
GTCO has introduced a new foreign exchange product which allows customers who have Domiciliary Accounts to change dollars to naira instantly on the bank’s Internet Banking Platform.
This new product allows bank customers to seamlessly convert dollars in their domiciliary accounts to naira from the comfort of their homes or offices as banks seek creativity.
GTBank is currently the only bank or financial institution in Nigeria offering the service via its Internet banking solutions, where other banks expected play catch up soon.
The bank in an email sent to its customers said that customers can convert up to $50,000 to naira per day, while converting from naira to dollar is not available yet.
“You can convert your US dollars in your GTBank domiciliary account to naira directly on our platform. It’s as instant as a regular transfer between accounts. Simply log into internet banking, click on FX transactions, and choose FX sales. Please note that you convert up to UD$50,000 daily,” the bank said.
GTB seeks to eliminate the risks of trading with the black market or parallel market operators. GTB seeks to compete with black market operators, which Experts say it’s a spoiler to the black market operators, and may eliminate the parallel market.
The new platform will eliminate the risk of withdrawing dollar from banks and exchanging at the black market, as this platform does not require users to withdraw at the counter before exchanging forex.
Benefits of Exchanging Your Dollar on GTB Online Banking Platform
It will benefit all Dom account holders, especially remote workers that are struggling to exchange their foreign earnings. With this, there is no need to withdraw at the counter and run after Akobi before exchanging FX.
This means more profits. It offers the account holders to get sell price of exchange rate as against the buy price parallel market offers. For instance, if exchange rate is N771 at Official Market, that is what you will get when you convert straight from your Dom account. But if exchange rate is same N771/$1 at the parallel market, “Aboki will sell to you that price but buys from you at price lower than N771 because they need to sell it to end-user at N771. GTCO mobile banking platform gives the opportunity to sell to the end-user at the prevailing market price.
Transfer to Black Market Operater
Another way to change dollars in your Dom account without withdrawing it is to make a transfer of the dollar to a black market forex exchanger, while he transfers the naira equivalent to your naira account. Note, such transfer can only be to Dom account of same bank.