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Bankers’ Committee in Nigeria has said that it plans to move FX sales online.
Online FX is convenient for buying one currency and selling another as it would be possible to trade from anywhere electronically.
Travellers who want to exchange the naira for any other currency would be able to do that online when the committee launches the online FX platform.
It is also possible to make money from online FX trade if the platform will enable investment.
Deposit money banks (DMBs) in Nigeria had received a directive from the Central Bank of Nigeria, CBN, to set up teller points at designated branches across the country to handle FX to retail customers.
The Bankers’ Committee had met in Lagos recently where Mr Segun Agbaje, Group Managing Director of Guarantee Trust Bank mentioned it.
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Nigeria moving FX buying and selling online
In the near future, forex trading in Nigeria would likely no longer take place within brick and mortar banking halls.
Generally, online FX provides the same solution in currency exchange. The price of naira will be determined and measured differently in several other currencies depending on the exchange rate.
Foreign exchange transaction often takes place over the counter (OTC) via a network of banks and market makers.
The platform will have a portal for registration for customers who want to Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments.
NIBSS will provide banks with its portal for information sharing and application processes as Agbaje had noted.
FX is generally a 24-hour market, however, the bank committee might decide to limit the local trade to the working hours of the day.
Customers will not have to carry BTAs, PTAs, medical bills schools and others in cash.
