Bank customers went into a frenzy on Tuesday after learning some banks had set up platforms to allow depositors electronically convert their dollars to naira above black-market rates without having to withdraw cash.

At least two banks are confirmed to have begun the online conversion by Tuesday, and at least one bought the dollar at N770.5, more than what street traders offered, according to multiple customers.

For years, holders of dollars and other foreign currencies in Nigeria preferred to chase higher exchange rates at the black market as Nigeria faced chronic shortage of foreign currencies.

Earlier this month, the Central Bank of Nigeria removed controls on the naira, allowing it to trade freely against other currencies, a move that resulted in the biggest slump in the value of currency.

The government says it hopes to attract foreign investors who left due to difficulties in repatriating their money. But the policy is expected to stoke inflation as imports become more expensive and con
https://pluboard.com/2023/06/28/banks/customers-in-frenzy-as-banks-allow-dollar-conversion-online-at-attractive-rates/

All na wickedness ....they buy for 770 and sell for wicked rate

Black market only change address and uniform.

Voodoo economics no go resolve Nigeria economic woes.