GTBank, Access Bank Release Updated Dollar, Pound, Euro Exchange Rates for International Payment

Guaranty Trust Bank (GTBank) and Access Bank have updated their exchange rates for international transactions to align with the rates in the parallel market. GTBank disclosed in a notice to customers that the rates are subject to change based on prevailing market conditions.

The value of the Naira against the US dollar has decreased in both the official and unofficial markets, with Bureau de Change operators confirming a weaker US dollar. The Naira also weakened against the US dollar in the official market on Monday, August 19.

However, the Nigerian currency has continued to appreciate due to critical forex inflows, leading to an increase in external reserves. This development has boosted investor confidence and supported forex inflows from portfolio investors and exporters.