In this article, we will continually update you on the current Gtbank Dollar to Naira exchange rate today. It can also be known as Gtb Dollar to Naira exchange rate today.
GTB (Guarantee Trust Bank) is popularly known for its easy and soft banking system, the local commercial bank provides exclusive services to its customers, who can either be account holders or non-account holders.
These exclusive services also include the exchange rate for dollar to naira Gtbank. Anyways, there are few things you must understand before we outlay the current GTBank Dollar to Naira exchange rate today.
What is Interbank Rate vs Parallel rate?
Well, the differences are very clear. One salient thing here is that both of the transactions are being done within the banking hall. The Interbank exchange rate and Parallel rate aren’t that different from each other.
In quick summary, the Interbank exchange rate is a type of Dollar to Naira exchange rate that is being done by the bank’s own type of bureau de change.
On the other, the Parallel rate can also be known as the Black Market Exchange rate, which is a type of Dollar to Naira transaction that is being done by Mallam bureau de change inside the bank but not by the official of the bank.
Fortunately, since both transactions can be done within the bank, customers don’t have to bother about being getting scammed. After all, you should have receipts if there is any sort of trickish business going on.
If you are not aware, Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the Naira or vice versa.
Daily GTBank Dollar to Naira Exchange Rate
Undoubtedly, Guaranty Trust Bank is a leading African Bank that offers the best online/internet banking and other forms of banking. Their services are professional, and even their efraud email works quickly.
GTB Dollar Exchange Rate (Interbank): Guarantee Trust Bank exchanges Dollar at the rate of $1 to NGN305.
Black Market Exchange Rate (Parallel rate): While the Mallams (Hausa) black market exchange rate is $1 to NGN420.
*. For the Interbank exchange rate, when you want to exchange $1000, the equivalent is NGN310,000.00 – This is what GTbank will transfer to your provided account number.
*. For the Black market exchange rate, when you want to exchange $1000, the equivalent is NGN420,000.00 – This is what the Mallam will transfer to your provided account number.
Please understand that the black market rate does not mean that the exchanger is black or the bureau de change is a dark act. It is its basic name in the country.
As always, it is advisable to complete your Dollar to Naira exchange rate with the Mallam, at the black market rate. The main and most important reason is the fact that the Black market rate is the best in price!
Please always note that these prices fluctuate a lot, after all, the price of Dollar changes quickly in Nigeria. So, stay calm, bookmark and visit this page whenever you want to exchange your Dollar to Naira.
How to transfer Dollar from GTBank to GTbank/other banks
Before we continue, you must understand that you can only transfer Dollar from your GTbank domiciliary account, if you don’t have one, visit the bank closet branch and get yourself one.
Another essential note is the fact that you can only transfer Dollar from GTbank’s online/internet banking with token and GTWorld mobile app with token also.
This is the details of Charges per (transaction) when trying to transfer the Dollar to your bureau de change:
Commission: 0.5% of Transaction
VAT: 5% of Commission
Via Online/Internet banking
1. Go to GTbank ibank.
2. Click on Login.
3. Enter your details (userID/email/phone number and password) and click on login.
4. Click on “Proceed to Internet Banking”
5. Scroll down to the “FX Transactions” on the left menu. Choose either:
i. FX Transfer to any GTBank A/C
ii. FX Transfer to other Banks
6. You can “Add New Beneficiary” or choose from “Stored Beneficiary” if you have sent it before.
7. Enter the Amount of Dollar, answer your secret question and click on Agree and Continue.
8. On the last page, enter your Token or dial *737*7# to generate a Token pin without using the hardware itself.
That is it, just click on Proceed and the payment will be sent within a few minutes of initiating the transactions on your internet banking.
Note that you can only transfer a maximum of $10,000 per day.
Via GTWorld Mobile app
1. Log on to the app
2. Goto Transfers
3. Select Transfer type – Scroll to FX Transfer to GTBank
4. Enter the account to debit, amount, crediting account or add a new beneficiary.
5. Answer your secret question and enter your Token pin.
How to exchange Dollar to Naira GTbank like a pro
If you are transferring your Dollar to the Mallam for the exchange transaction to complete, then this section isn’t for you. But if you want to exchange your Dollar like a professional, then let’s get started.
I have been exchanging huge amounts of Dollars for the past few years, and my experience has been extraordinary. Just follow these steps to exchange your money like a pro.
1. Don’t exchange with Mallam that is outside the bank: They are good and trusted, but it is just better to do the transaction with Mallams inside the bank, conveniently and comfortably. Locate the Mallam within or inside the bank itself and proceed with Step 2.
2. Negotiate with the Mallam: Even if you want to exchange the biggest amount or the smallest, try to price with the Mallam. Visit this page to check the latest exchange rate, and big higher than the price. Let’s say you want to exchange $10000, and the normal exchange rate is $1 to N358, bid with him that you want to exchange at $1 to N360 but it might end at either N358/N359, but threaten to go to the next buyer.
3. Don’t FX transfer your Dollar from your account to Mallam: Unless the exchanger says it is compulsory, don’t transfer your Dollar, but instead try to withdraw and give it to him. The only reason is that GTbank or other banks will charge a huge amount during the transfer. Imagine the 0.5% of commission transaction and 5% VAT commission on GTbank. It is a huge deal, but it can still serve some little purpose along the line.
4. Don’t act like a newbie: If it is your first time, please ask around until you get to the Mallam Dollar buyer. Now bid with him as explained in Step 2. Withdraw your money, provide the account to be credited, and wait there until the account is credited. Although, others suggest giving them the Dollar and Account number, then leave, as they will still credit your account.
The GTB dollar to naira exchange rate today will always fluctuate, please bookmark this article and visit it, whenever you want to exchange your Dollar to Naira.