GTBank, Ecobank, Zenith Bank, Others Develop Features to Battle Abokifx, FX Black Market Dealers
- Nigerian banks have developed new features on their bank apps for the conversion of dollars to naira
- Zenith Bank, Ecobank, and Guarantee Trust Bank, among others, have added features to their bank apps for FX conversion
- Some of the banks say users can convert up to $50,000 to naira daily using the features on their apps
Many Nigerian banks are developing apps or internet banking where customers can convert their dollars and other foreign currencies to naira.
The development has disrupted black market operators and the recently re-opened Abokifx.
Source: UGC
Users react to features, say it's good for remote workers
Users of the applications have applauded the new features as ingenious for remote workers struggling to convert their foreign currency earnings to local currency.
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The pan-African bank, Ecobank, already developed a mobile app for converting dollars or other foreign currencies to naira via its mobile app.
The bank said users could log into their Ecobank Mobile App to convert their euro, pounds, or dollars to naira.
Zenith Bank said it developed similar features three years ago. The feature is on the bank’s Internet banking platform, allowing users to convert dollars to naira without hassles.
It said customers can log into their Zenith Bank app, navigate to the Forex section, and select the convert FX option to initiate the conversion process.
Customers can convert up to $10,000 daily, depending on regulatory requirements.
Other bank customers said the other banks, such as Standard Chartered Bank, always had the USD conversion feature on its mobile app but allows conversion to the official rates.
More banks develop similar apps
Standard Chattered Bank's website explained the steps to convert foreign currencies to naira via its FCY conversion feature on its mobile app.
Standard Chartered Bank offers 7*24 conversion between foreign currencies to meet FX needs.
BusinessDay reports that Access Bank and Fidelity Bank are working on integrating similar foreign currency conversion features on their platforms and will roll them out to the banking public.
However, Access Bank currently offers a Gloccurrency feature, which allows individuals living in the UK, Europe, and Canada to send funds to people living in Nigeria.
Stanbic IBTC provides Diaspora banking, specializing in offering Nigerians living abroad the opportunity to convert their foreign currencies to naira and manage finances in Nigeria.
Guarantee Trust Bank recently launched the same feature on its platform and said customers can convert up to $50,000 to naira daily.
Emefiele’s suspension: Black market FX aggregator, Abokifx resumes operations, quotes N790 per dollar
Legit.ng reported that following the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN), the parallel market foreign exchange rates aggregator, Abokifx has resumed operations.
The platform returned with a live exchange rate publication and released the latest foreign exchange figures based on the parallel market rates in Nigeria, especially from Lagos.
Abokifx suspended the live update of the parallel market rates after its owners came under investigation by the CBN.
Source: Legit.ng
