INVESTIGATION: Nigerian Banks Selling Dollars At Blackmarket Rate


An investigation carried out by NewsRescue has found that Nigerian banks are exchanging dollars at blackmarket rates rather than the official rate under the supervision of Godwin Emefiele and the Central Bank of Nigeria.

While the official rate for exchange of US dollars was 197 naira to 1 dollar Wednesday, Access bank when tested converted at the rate of N230 to 1 USD and GTB exchanged at the rate of N220 to 1 USD.

Despite crippling policies dictated by the Apex bank that are depressing small businesses in Nigeria with limitations on daily withdrawals in foreign exchange, the Central Bank is allowing Big business partner banks to extort the citizenry exchanging the limited dollars allowed at street rates.

Efforts to contact CBN director Godwin Emefiele were unsuccessful at the time of this report.