Topic: You Can now convert dollar to Naira in your GTB Internet banking platform (Read 175 times)

my broda no be small, e good as you really clearify this point because me sef be wan ask same question because as I see this post and as I read am finish, I understand say the op made mention of online transaction exchange concerning your dollar and naira wey GTbank dem self go send for you and with what I understood, dem no dey actually send you dollar and more over its online so I doubt the possibility of fake dollar online.

This matter no concern controlling fake dollar in circulation because wetin GTB dey convert na Dollar to Naira, and the transaction they happen online, you go send your dollar to them and dey go give you naira. If you check am well like this how e go take reduce fake dollar in circulation when na Naira dem dey give you and you no go fit send dem fake dollar online.

Dis na confam move by GTB. Even though e de one sided (as naira to dollar conversion option never de), e still fit bring benefits like reduction of fake dollars in circulation and e fit also help in price control. Still on still, e de important make we consider d wider implications wey de nd d market impact.

You don already talk why GTB no go make provision to convert from naira to dollar.

• If them do am as the economy never stable, plenty people go wan save for dollar and the thing go further crash naira
• Another thing be say GTB dey hod people dollar because dem know say e go surely rise for future

But anyhow wey e be, I dey admire GTB for anything for get to do with international trade. I remember when I been set up forex trading account with them and I was funding it with euros. The bank dey try shaa

Many people go see this one as welcome development, while some others no go take I'm likely because eh go be like big competition to their business especially those aboki peope wey dey change money, OP like you done talk, eh get better possibility to spoil business for them because a lot of people wey dey leave far from them due to distance no go wan drive that far or pay money to go meet aboki  when them go fit easily go open account with Gtbank then change their dollar from the comfort of their home. And this new development from Gtb go attract new customers to their bank.

 Well the only thing wey I feel say fit hinder this development na the rate, and if the rate a which them they buy they fair or almost equall to the price of that of the aboki people them then na big gbas gbos to their business because i no see reason why I go dey waste time they journey far to go meet aboki to exchange dollar when I fit do I'm from the comfort of my house and all eh go just cost me na an account  with Gtbank, a good device and data connection. But if these Gbank really mean business, that is if they want attract many customers to their bank make them also create options wia people fit buy dollar too, and no be only them buying from peope eh for even better if you go fit convert your naira to dollar for the app. Well na only time go tell if them go include that option but eh for make better sense.

If GTB wan do wetin go make much sense and get praised of, make them add the conversion of naira to dollar, make em no be from dollar to naira only.
If they can succeed in doing that(naira to dollar conversion), make we see whether people no go rush to open banks with them, for an easy conversion of their naira money to dollar.
GTB knows wetin go happen soonest, sae dollar go fit increase to 1k naira against a dollar. If them go fit gather much dollar from people, them don dey on profits be that.

Dem no go fit convert naira to dollar because e no go favor them and dey no even get enough dollars in reserve to dey run am like that, but as dem dey convert from dollar to naira e favor dem because dem go still go sell the dollar in another 'market' and dem go dey grow their dollar reserves.

I no really see wetin dem do as too much of a big deal because dem get sufficient Naira reserve, so dey will be happy to collect your dollars and give you Naira. This offer sev no be for the average Nigerian wey wan make profit from him dollars, because i dey sure say this bank no go dey buy at attractive rate, this offer go be for big business people wey go want the comfort, safety and accountability of using the bank to run this transaction.

While I dey happy say this one na good news, I go still say most young Nigerians wey get Domiciliary account no really care because we have moved on. We have move on because other innovative ways to get money for dollars, change am to Naira or convert your Naira into dollar don dey and this one you nor need to do bank waka, or submit plenty documents. Two of the the most prominent alternatives na - Chipper Cash, Barter by Flutterwave.

I sabi say the concern wey people get na say these companies no get physical office wey be say if anything happen dem go sabi where to go but that one no correct. These two companies na one of the most successful fintech companies at the money. You fit try them out.

You can convert dollar to Naira but not the reverse. These people just dey try make this Naira strong in a wrong way. If we look that format well, na the koko be that, to make Naira strong no be by all these give money banana be the thing. If them do the right thing on to manufacturing sector, fix light, run refinery well, begin export, get reserve etc , you go see say na oyibo go dey change there dollar to naira take buy market from our hand. This things na small thing but them dey embezzle the money. Most countries wey don develop for our eyes like China, India, Singapore, Indonesia, South Korea etc them don try and succeed.

The thing wey I just see about the dollar na this unification of price, if some politicians no still dey buy cheap from yonda .

Me I no go follow praise dem, I dey the exchange business so anytime wey you see an exchangers allow you to sell but not buy just know say dem get market elsewhere wey dem go cashout majorly from buying your dollars at a very cheap rate (although I never know the rate dem dey buy) but just know say higher market dey elsewhere so while una dey see am as good thing wey dem dey do. Na better market dem dey open so and before people begin dey realized wetin dey sup GTB (abi wetin dem dey all their self now because I hear say dem dun change name) go dun make better block. Why dem no allow us covert Naira to dollars that's because dem no value to hold Naira na only dollars dem wan dey buy.

To make you understand better, you go see many vendor willing to buy your BTC but not many willing to sell BTC to you. This one na personal vendors matta oh no be exchange matter. If any bank wey do this kind thing make dem make am wey be say you fit buy and sell and not only one way thing. Dollars still never dey everywhere and no wonder dey wan make una give them the dollars make dem give you Naira wey who knows what next will happen to it as e fit just crash down totally as people dun dey doubt tinubu government as e just belike him wan just reward only those wey work for am to enter office and not using those that are trustworthy and competent.

From my own side sha,base on say everybody dey praise them make I also praise them too. I no too see anything we make sense when you only got convert your dollar to Naira and you no fit convert you Naira to dollar. I dey suspect say Gtb to won use style collect more dollar from people in disguise,na e make them come up with this one. What if I won buy dollar,I go come go meet Aboki,why I no just dey my house the way I dey change my dollars to Naira also do the same thing. The only thing wey I see be say he go save people from fake dollars. I don't have dollars but BTC.

Not good for traders.

This will only be good for remittance.

You are definitely correct.

Also what I see not related to fake or not fake USD about this is that people can not convert naira to dollar. If you want to get dollar, it is still through the former means those people are using because they can only convert dollar to naira, not naira to dollar. 

You mentioned "Internet banking" and here you come again mentioning "save people from fake dollar", please  are those not two different things? Because since you just said they haven't started offering their Naira to Dollar conversation, I don't see anyhow this will save people from fake dollar, since what is been done is digital banking  (i.e changing of Dollar to Naira digitally & not physically "cash"). Or abi do we have fake digital dollar? Because by that statement "internet banking", it totally excludes physical cash, which is where fake dollars come into play.

But shah, na still better update, and eh go really make sense if they fit allow am dey vice versa.

First I be woman so I no be man oo, then secondly no be who get money go bank to go do something?
Anyhow make that one rest first wey dey cry for how the country be now, besides this thing go only favor those people wey dey seat to moved money go away, work don come dey easy for them from local to foreign access instantly without any delay. Make we no just happy because e get why them do am like and e go benefits them not you.

If them go allow people to de buy the dollar using Naira e for better pass this one wey dem talk, because no be everybody get dollar to sell or convert to naira.

If they start allowing us to convert our Naira to dollar direct from their platform, it will be easy for people buying goods internationally with dollar, them no need to de look around to see people wey go help dem buy d dollar before dem go buy wetting dem wan buy.

Dis wan make sense o, but I for like make e be vice versa too, make we fit change from naira to dollar because I think that’s where most of us will have the use more when shopping online for international transactions for payment. Dis wan na good development and I hope say oda banks too go follow the same pattern so that the prices go move swiftly. And I just hope the exchange fee wouldn’t be that high that will discourage people from using this service. Good development by Gtbank and I applaud their courage for this.

Na good thing dem do and u bring good information but my problem be sae their charging rate go cut people neck. Anything internet is fix and there is no negotiation but the black market aboki dem you fit negotiate and pay less . I don go changed pounds for Aboki place and I negotiate with dem to reduce the price.

Na good thing wey GTB dey do now if only dem go do am forever because dis bank matter dem dey tire me. And I no sure sae dem go do dat won wey you go fit convert naira to dollar, enh!! Dat one go make naija politicians and Yahoo guys go dey hide money inside dollar everyday. So dat won go take time before CBN go allow am.

Na good tori u bring so.

My brother I know say e no easy to believe base on the country wey we dey, but the infomate is true... you fit change dollar to Naira only and not the other way. Try make you reach any GTB bank, you self go confirm am.

Naturally people wey dey top for the country no go allow that happens because the way I see am e go hard them because no benefits since na them dem dey still control the Aboki people.
If for say them go allow interoperability between the both account e for make sense for us. But why them been stop am na sha this functions be dey before na?

My country people, as federal government devalue Naira come remove the plenty exchange rates wey been dey, GTB don become the first bank to allow people convert your dollar to Naira for their Internet banking. Them tok say you fit change reach $50,000 a say. I go happy if them go also allow us convert from Naira to dollar too but for now, that one never dey work.

E be like say this one go spoil market for aboki them. Well, me see am as good thing as e go save people from fake dollar and also help in price control. How una see am?