GTBank Sells Dollar at N1,545 for International Payments
GTBank sold US dollars to customers at N1545 for international payments for transactions conducted via Naira Mastercard. The rate is expected to fluctuate in line with prevailing forex market conditions, the bank said in an emailed note.
Many Nigerians with naira mastercards have the authorisation to make international payments, with the maximum amount capped by their banks, for online payments. Due to convenience, this has effectively reduced their patronage at Bureau de Change (BDC) operators.
Data from the Central Bank of Nigeria (CBN) showed that the official spot rate closed at N1534.93 per dollar. The spot FX rate hit an intraday high of N1535 per greenback, suggesting that local deposit money banks are operating with a tight spread on dollar transactions.
The FX reform has triggered a blue sky scenario for the exchange rate as the authority continues fine-tuning the currency market mechanism to keep the naira trading in a tight range with potential for upside. #GTBank Sells Dollar at N1,545 for International Payments
