How to buy dollar from Nigerian banks, requirements, things you need

We will focus today on how you can buy United States dollar directly from commercial banks in Nigeria. We will also tell you the documents that are required before you can buy dollars directly from banks in Nigeria.

Below are some of the questions that have been asked online and we will be answering them accordingly in this post.

Do Nigerian banks sell dollars?
Can I get US dollars from bank?
How much is dollar to naira in banks? Information Guide Nigeria

Due to the recent ban in selling foreign currencies to Bureau de Change operators by the Central Bank of Nigeria, many Nigerians have been left stranded regarding where they can buy the United States dollars in Nigeria.

The CBN recently accused the Bureau de Change operators of masterminding money laundering in the country and also allowing greed to make them sell dollars at very high rates which in turn affected the stability of the Nigerian naira.

This has made many customers turn their attention to commercial banks as their only safe alternatives following the ban on BDC. This change of operations also comes with its demand, commercial banks are regulated and they do not just sell dollars at random, there are requirements that must be met. Buy dollar from Nigerian Banks

Even before the ban on sales of foreign currency to BDC operators, several commercial banks were into buying and selling of foreign currencies and they have now become the only official sellers of foreign currencies. You can withdraw dollars from these commercial banks just the same way you withdraw naira.

The recent CBN policy which banned the sales of foreign currency to BDC operators also mandated licensed commercial banks in Nigeria to make provisions in terms of setting up structures that will accommodate and efficiently serve the myriad customers that will be approaching them to buy dollars and other foreign currencies.

This is why many commercial banks have set up teller points inside their banking halls to serve their customers who want to buy dollars or have other foreign exchange needs. Several commercial banks sent mails to their customers informing them that they now have dollars to sell at a cheap exchange rate. How to Open Dollar Account in Nigeria Online

How do banks sell dollars?

The selling of dollars by the commercial banks in Nigeria is regulated, you can not just walk into any bank and buy dollars in huge sum, which is officially impossible. Commercial banks sell dollars in three categories, see them below;

As Personal Travel Allowance
Business Travel Allowance.
Foreign School Fees Payment

The highest dispensation for personal travel allowance is $4000, while the highest dispense amount for business travel allowance is $5000. 10 Reasons for Dollar Shortage in Nigeria

Can I buy dollars from Nigerian banks?

You can buy dollars from any of the licensed commercial banks in Nigeria. Dollars can be sold to you in three ways which are; personal travel allowance, business travel allowance, or foreign school fees payment. Npower recruitment

Requirements to buy dollars from banks in Nigeria

If you are making plans to visit any commercial bank in Nigeria to buy United States dollars, you must go along with the required documents else you will not be able to buy the dollars.

Below are the requirements to buy dollars from Nigerian banks

If you are applying for PTA/BTA payment, you must provide a dully-filled Form A, your valid Nigerian Passport, your valid visa. You will also provide an international return ticket (travel date must not be more than 14 days from the date of dollar purchase).
All BTA applicants must present documents of Registration/Incorporation.
BTA applicants must also present letter of invitation from their business partner overseas.
People applying for foreign school fees payment should either be parent/guardian of the student, or the student. dollar to naira rate
Foreign school fees payment applicants must present a valid BVN.
Foreign school fees payment applicants are required to present Applicant’s valid ID card, admission letter, duly completed Form A, and payment invoice.

Please note that a minimum of 5 hours journey of flight time which will originate from Nigeria is required for PTA/BTA application. JAMB form

Do Nigerian banks sell dollars?

Yes, Nigerian licensed commercial banks are currently selling dollars to customers through these three ways; personal travel allowance, business travel allowance, or foreign school fees payment. Simply work into any of the commercial banks in Nigeria with documents as stated above.

Can I get US dollars from bank?

You can get US dollars from any of the banks in Nigeria just the same way you can get other foreign currencies. However, this is subject to the availability of the United States dollar in the bank. In the event that the bank does not have any or enough dollars to sell to you, they can direct you to another branch if it becomes necessary. WAEC result

How much is dollar to naira in banks?

One good aspect of buying US dollars from deposit money banks also known as commercial banks in Nigeria is that you get to buy it at almost the same rate as the official rate which is cheaper than the parallel rate also known as the black market.

Walking into any bank, you will see a notice board displaying how much the bank is buying each foreign currency and how much they are selling it. JAMB Result

Having said this, we can use the current dollar to naira exchange rate to answer this question. In most of the banks, you are going to get something almost the same as this; $1 = N410.77.

Check and Confirm: How much is Dollar to Naira today Pounds to Naira today