Naira Weakens Against Dollar at Black Market, I&E

The value of the Naira against the Dollar moved southwards on Thursday at the Investors and Exporters (I&E) and the black market segments of the foreign exchange market.

This was mainly influenced by the significant rise in the demand for forex at the market windows.

Data harvested by Business Post showed that at the I&E window, transactions worth $215.63 million were carried out compared with the $17.23 million recorded the preceding day, indicating a rise of $198.4 million or 1,151.5 per cent.

This put pressure on the local currency yesterday, causing it to depreciate by 0.34 per cent or N1.34 to close the day at N394.67/$1 as against N393.33/$1 it finished on Wednesday.

Also, at the parallel market, the Naira gave up N1 against the American currency as it sold at N475/$1 in contrast to N474/$1 it was exchanged on Wednesday.

At the same unregulated FX market segment, the local currency lost N3 against the Pound Sterling to settle at N640/£1 in contrast to N637/£1 it settled at the day before. However, the Naira remained unchanged against the Euro to close at N580/€1.

At the interbank and Bureaux De Change (BDC) segments of the market, the Nigerian currency further traded flat against the American Dollar, closing at N379/$1 and N395/$1 at respectively.

Meanwhile, at the cryptocurrency market, Bitcoin (BTC) rallied as its value moved up by 4.4 per cent to trade at N18,637,999.99. The Ethereum rose by 9.4 per cent to sell at N591,671, the Litecoin (LTC) appreciated by 5.5 per cent to trade at N73,885.08, while Tron (TRX) gained 1.7 per cent to sell at N14.42.

On the loser’s end, Dash (DASH) depreciated by 2.9 per cent to sell at N63,439.57, Ripple (XRP) went down by 1.5 per cent to trade at N141.97, while the US Dollar Tether (USDT) fell by 1.3 per cent to trade at N482.40.

GTBank suspends transfer of FX via internet banking

Guaranty Trust Bank (GTBank) details and all you need to know

Guaranty Trust Bank (GTB) has suspended the transfer of forex on its internet banking platform. Customers who try to make transfers from their domiciliary account have been left with disappointed. This is in addition to limitation withdrawing FX from the counter.

No reason has been given for the suspension but when a member of our team reached out to the bank on Twitter, they confirmed via private message that there is indeed a suspension.

When asked about issues transferring domiciliary account funds to other GTBank via internet banking, below was their response:

“Hello, please be informed that the service has been temporarily suspended and will be restored as soon as an update is made. We apologize for any inconvenience this must have caused.”


When asked about when it will be reinstated, the team could not provide a time frame. Their was response was “You will be duly notified once there is an update. Please bear with us.”

We cannot verify if this is as a result of a Central Bank of Nigeria policy.

But a Tweet from Zenith Bank Yesterday confirmed that withdrawal and transfer of FX are available on their internet banking.

Zenith Bank Dorm

If access to FX transfer is available via other banks, it might just be an internal GTBank issue.

Unfortunately, the bank is yet to issue a statement on this, many of its customers in disarray.

Here are some customers who have expressed their irritation on Twitter:

Please confirm my FX transaction so I can complete a part of my postdoctoral fellowship research project. I have been waiting. This is a very important part of my research. 🙏🏾 @gtbank_help @gtbank

— Emeka T. Njoku (@EmekaTN) September 23, 2020

What is happening to fx transfer? I made a transfer of 300USD To my Uncle and you are not approving it. You said it’s must be a related party. The first option was not a related party now that I used related party my transaction was not successful, no response no debit. Fix now

— Technews (@Winnaijablog_) September 23, 2020

You are right. There seems to be individual discretion exercised. My experience with @gtbank_help @gtbank is that they are not allowing dorm to form account transfer within thesame bank. The bad aspect is the customer management process whr everybody just keeps quiet. Appalling

— Lloyd Onaghinon (@eseosalloyd) September 23, 2020

@gtbank frustrating her FX Account customers. You don’t want to pay us from the counter , why also bar us from making transfer? To make money na wahala, to also collect money you make, na wahala.😭😭😠😠😠😠#HeartlessGTBank

— Justice Chigonum (@Jayoneyz) September 23, 2020

It can’t pass GTBank…very silly lot! Before we couldn’t withdraw, now we can’t even transfer!! They are robbing us off!

— BUKKYDAZZLES (@Bukkydazzles) September 23, 2020

@gtbank @gtbank_help and too many unnecessary policies. It’s really not helping customers tbh

— A Fellow (@Shoreyyy__) September 23, 2020

Went to @gtbank this money and was told I can’t withdraw or transfer any FX inflow in my account. This @cenbank policy makes no sense whatsoever. And this is so frustrating to say the least.

— #BlackGirlsRock (@ProfUkay) September 23, 2020

@gtbank we can not transfer from one gtb dom acct to another gtb dom acct. Kindly update on why this cant be done.

— Otunba Olajide (@OtunbaOlajide4) September 23, 2020

So I can’t make transfers from my domiciliary again

I can’t spend more than $100 monthly from my Naira MasterCard @gtbank_help Is it also true that I can’t withdraw FX from my account across the counter?

My Family’s relocation from Nigeria is now a matter of WHEN and not IF

— Michael Olatunji (@infomichaelniyi) September 23, 2020

So @gtbank has decided to leave those of us who own a dorm account with them grounded. They have suddenly stopped withdrawal of FX currency. How do they want some of us who are freelancers survive? No human feelings, I thought my bank was supposed to make life easy for me

— MunchesFX (@Super_Munche) September 23, 2020

@gtbank_help please i will like to knowvwhat is happening to fx transfer between gtbank customers. This has really affected me as I will like to change cash but cannot transfer meanwhile your fx sales portal is not working. Whats tge solution

— Cyprian I Ademulegun (@Ivanaska147) September 23, 2020

@gtbank Pls What is the update on the status of FX transfer that I initiated within GTB account in d last 3 days now.

— alaba toyin (@alabaoneman) September 23, 2020

@gtbank @gtbank_help I stl don’t understand hw a bank will nt people access their funds. I hv complained abt being unable 2 transfer money from my fx accnt only 4me 2be told 2day dt I cn only transfer 2my family member/transfer 2anoda bank if I want to close d account. #fraud

— Dr. Okeugo (@cjroyalty) September 23, 2020

@gtbank_help pls can you confirm whether the new gtbank policy rejecting the transfer of Fx from one customer’s dom account to another customer’s dom account within the same gtbank is from CBN?

— Henry West (@htw7000) September 23, 2020

@gtbank @gtbank_help from Your FX sales platform via internet banking being down through out yesterday to me being logged out due to expired sessions AND UNABLE TO LOGIN AGAIN even from different devices. You guys are so frustrating… 😡😡😡 Check your inbox

— Bolum Star Chinedu (@bolumstar) September 23, 2020