How to buy dollar from banks: Today we will focus on how to buy US dollars directly from a commercial bank in Nigeria. We will also share with you the necessary requirements before you can buy dollars directly from a bank in Nigeria. On this page you will see the requirements, and additional information regarding buying of USD in Nigerian banks.
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Below are some of the questions that have been asked online and we will answer them according to this post.
- Do Nigerian Banks Sell Dollars?
- Can I get USD from the bank?
- How much is dollar to naira in banks?
Due to the recent ban on the sale of foreign currency to currency exchange operators by the Central Bank of Nigeria, many Nigerians are confused about where to buy US dollars in Nigeria.
CBN recently accused the Bureau of Exchange operators of organizing money laundering in the country and also allowing greed to make them sell dollars at exorbitant prices, which in turn affects the stability of the Nigerian naira.
This has caused many customers to turn their attention to commercial banks as the only safe alternative after the BDC ban. This business change also comes with its requirements, commercial banks are regulated and they don’t just sell dollars at random, there are requirements that must be met.
Even before the ban on selling foreign currency to BDC operators, several commercial banks were involved in buying and selling foreign exchange, and now they are the only authorized forex dealers. You can withdraw dollars from this commercial bank just like you can withdraw naira.
CBN’s recent policy to prohibit the sale of foreign currency to BDC operators also requires licensed commercial banks in Nigeria to make arrangements for the establishment of a structure that will accommodate and effectively serve the myriad clients who will turn to them for dollars and for other purchases. foreign currency.
For this reason, many commercial banks have set up counters in their bank offices to serve customers who want to buy dollars or need other foreign currencies. Some commercial banks email their customers, telling them they now have dollars to sell at favorable exchange rates.
How do banks sell dollars?
Selling dollars by commercial banks in Nigeria is regulated, you can’t just walk into the bank and buy a large number of dollars, it’s officially impossible. Commercial banks sell dollars in three categories, see below;
- Do Nigerian banks sell dollars?
- Can I get US dollars from bank?
- How much is dollar to naira in banks?
The maximum amount for personal travel assistance is $4,000 while the maximum amount for business travel is $5,000.
Can I buy dollar from Nigeria bank?
You can buy dollars from any of the licensed commercial banks in Nigeria. Dollars can be sold to you in three ways: travel allowance, business travel allowance, or payment of tuition fees abroad. According to NAIRARUSH, you can buy dollars from Nigerian banks if you follow the right procedure.
Requirements to buy dollars from a bank in Nigeria
If you are planning to visit a commercial bank in Nigeria to buy US dollars, you will need to agree to the required documents, otherwise you will not be able to buy dollars.
Below are the requirements to buy dollars from a Nigerian bank
- When requesting a PTA/BTA payment, you must present a completed Form A, a valid Nigerian passport and a valid visa. You must also present an international round-trip ticket (the date of travel cannot be more than 14 days from the date of purchase in dollars).
- All BTA applicants must submit registration/establishment documents.
- BTA applicants must also submit an invitation letter from their overseas business partner.
- Individuals requesting payment of tuition fees abroad must be the parent/legal guardian of the student or the student himself.
- Applicants for payment of tuition fees abroad must present a valid BVN.
- Foreign applicants for tuition payment must present a valid applicant ID, admission letter, completed Form A and payment receipt.
- Please note that a minimum flight time of 5 hours is required to apply for a PTA/BTA departing from Nigeria.
Can I get USD from the bank?
You can get US dollars from any bank in Nigeria in the same way as any other foreign currency. However, this depends on the availability of US dollars in the bank. If the bank doesn’t have or doesn’t have enough dollars to sell you, they can refer you to another branch if necessary.
How much is dollar to naira in banks?
A nice aspect of buying US dollars from a deposit bank, also known as a commercial bank in Nigeria, is that you can buy them at almost the same price as the official exchange rate, which is cheaper than the parallel exchange rate, also known as the black market.
When you enter a bank, you see a message board showing how much the bank is buying and selling each foreign currency for.
However, we can use the current dollar-naira exchange rate to answer this question. You get pretty much the same thing at most banks; $1 = N410.77.
That is all for now regarding How to buy Dollar from Nigerian Banks.
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