Many people have been asking both online and offline about the possibility of them buying the United States dollar directly from the Central Bank of Nigeria. If you are one of those people, this article will help you greatly.
Some people have also asked other questions relating to buying dollars in Nigeria and we will do justice to some of these questions.
- How can I buy dollars directly from CBN?
- Can I buy dollars from the bank?
- Can I receive dollar in my Naira account? Information Guide Nigeria
The Role of the Central Bank of Nigeria
The Central Bank of Nigeria is the apex bank saddled with the responsibility of ensuring monetary and price stability in Nigeria. The bank’s core mandate also includes issuing legal tender currency in the country, maintaining external reserves in order to safeguard the international value of the Nigerian Naira. The CBN is also the official bank to the federal government of Nigeria providing financial and economic advice. In addition to that, the role of the CBN is to also promote a sound financial system and ensure a high standard of banking activities and financial stability in Nigeria.
How can I buy dollars directly from CBN?
As an individual, it is impossible to just walk into the Central Bank of Nigeria and buy the United States dollars. This is not permitted by the CBN’s present policy, it is only commercial banks and Bureau de Change operators that are allowed to buy dollars and other foreign currencies from the CBN.
So if you were planning to visit any of the CBN branches to buy U.S. dollars, you will be disappointed because they will not sell them to you.
The CBN being the apex bank only regulate the activities of all Nigerian commercial banks, they do not serve individuals, this means that it is also not possible for an individual to own a bank account with the CBN. Buy Dollars from CBN directly
One thing you should note is that the dollar rate at the CBN is entirely different from the parallel market, this means that the CBN foreign exchange rate is the cheapest in Nigeria.
Read Also: How to Open Dollar Account in Nigeria Online
Can I buy dollars from the bank?
Yes, you can buy the United States dollar from any of the commercial banks or operators of Bureau de Change. Before now, all registered and certified Bureau de Change operators were able to buy dollars directly from the CBN, sadly this has changed.
The CBN recently stopped the sale of forex to Bureau de Change operators. As it stands, you can only buy dollars from commercial banks in Nigeria.
The major reason that the CBN stopped the selling of dollars to the Bureau de Change operators was because of their quests for abnormal profits which made them sell dollars at very high rates at the expense of the stability of the naira. How to Open Dollar Account in Nigeria Online
The Nigerian currency was negatively affected by the greediness of some Bureau de Change operators who sold dollars at high rates just to make profits.
What this insinuates is that only commercial banks are presently able to sell dollars at reasonable rates to individuals and companies. The commercial banks mainly sell dollars to individuals for the following purposes; payment of foreign medical bills, payment of school fees overseas, business travel allowance, and personal travel allowance.
It is always safe and cheaper to buy dollars from commercial banks, this is because their rates may not really be as high as the rate at the parallel market. Many banks may give you lower rates depending on how much dollars you are buying, this method is more suitable for people who wish to buy dollars in large quantities. 10 Reasons for Dollar Shortage in Nigeria
Simply walk into any of the commercial banks in Nigeria like Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank, and United Bank of Africa. Go straight to their customer services and request that you want to buy dollars.
Read Also: 10 Reasons for Dollar Shortage in Nigeria
Can I receive dollar in my Naira account?
You can not receive dollar in your naira account, the naira bank account is made only for transactions in the naira currency. If you want to receive dollars in Nigeria through your bank account, you have to open a dollar account also known as a domiciliary account. This is the only way you can receive dollars in your bank account in Nigeria. Npower recruitment
Opening a domiciliary account is the easiest way to receive the US dollar in Nigeria. A US dollar account will enable you to receive bank transfers from abroad and you can withdraw your dollars by simply walking into any branch of your bank. dollar to naira rate
The requirements to open a domiciliary account in any of the major banks in Nigeria are almost the same, find out your bank’s requirements and present the needed documents to enable you open the dollar account.
You can now send your account number, sort code, and bank name to whoever wants to send you the dollars from overseas. WAEC result
How much is CBN selling dollar today?
As of today, the official rate the CBN is selling dollar is $1 = N410.77 – 408.77. However, you may not be able to get this rate at some banks and also at the parallel market which is also called the black market. JAMB Result
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