NIGERIAN BANK EXCHANGE RATE
When performing currency exchange transactions, understanding the exchange rate becomes crucial. Whatever the currency being exchanged, there’s a designated exchange rate.
Now, the exchange rate is the value of a country’s currency relative to another currency.
Exchange Rate Importance
The exchange rate is one of the critical determinants of the economic health of a nation’s economy. Now, the foreign exchange market is driven by the forces of supply and demand.
When a currency increases in value, more of it is being purchased. The reverse occurs when its value decreases.
Official Bank Exchange Rates
Banks play a huge role in international commerce.
They facilitate easy conversion and movement of funds from one currency to the other. In the case of the naira, conversions will need to be made when making purchases for goods or any other type of currency exchange.
Now, there are applicable fees for such currency conversions. As such, bank exchange rates will differ from the official exchange rate set by the Central Bank of Nigeria (CBN).
Sometimes, persons seeking to transfer money abroad or make remittances home will be charged more than they know. This is a function of hidden charges which may apply. You’ll need to fully understand bank exchange rates to have an idea of what’s involved.
There’s a long list of banks in Nigeria each having its exchange rates. The major currencies such as the dollar, pound, yen among others are all included. Let’s take a look at some of the major bank exchange rates in Nigeria.
GTBank Exchange Rates
This is one of the biggest banks in Nigeria with exchange rates provided for a wide range of currencies. It’s important to note that these rates are naira equivalents for a single unit of foreign currency.
GBP sells for N593, USD sells at N415, CAD sells for N334, and EUR for N512.
First Bank Exchange Rates
Arguably the biggest bank in Nigeria, the First bank has the following exchange rates; USD sells for N416, GBP exchanges for N525, EUR for N438, and the CAD for N316.
Access Bank Exchange Rates
Access bank sells the GBP for N635, the EUR for N545, CAD for N358, and the USD for N415. That’s as far as we will go as there’s a long list of other currencies.
Ecobank Exchange Rates
Eco bank currency exchange rates include USD selling for N430, EUR for N470, the GBP selling at N529, and CAD for N299.
UBA Exchange Rates
UBA exchange rates have the GBP selling for N633, USD exchanging for N450, EUR for N504, and CAD for N316.
Zenith Bank Exchange Rates
Zenith Bank is also a top-tier bank in Nigeria and sells FOREX with the USD sold for N425, the EUR for N438, GBP exchanging for N515, and CAD for N297.
FCMB Exchange Rates
FCMB exchanges the USD for N395, the EUR for N410, the GBP for N500, and CAD for N298.
Stanbic Bank Exchange Rates
Stanbic Bank’s exchange rates for major currencies include the EUR selling for N557, GBP for N609, USD for N478, and CAD exchanging for N337.
The information here covers certain key details on bank exchange rates. We’ve also discussed the exchange rates of some banks for major currencies.
With these, you get to know the naira amount needed to purchase a single unit of a foreign currency.
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