Banks induce customers on conversion of dollar deposits to naira

THE NATION 

Banks are inducing their customers to sell the foreign currencies domiciled in their branches, The Nation has learnt.

Some of the banks, it was discovered, have developed platforms to sensitise customers on how the dollar deposits in their domiciliary accounts can be converted to naira.

In a note via SMS to customers, some of the banks said domiciliary account holders can change United States (U.S.) dollars in their accounts to naira directly on its internet banking platform instantly

The SMS read: “It is as instant as a regular transfer between accounts. The service is available between 9am to 4pm Mondays to Fridays, excluding public holidays.

“Customers are expected to log into their internet banking platform, go to FX transaction portal and select FX sales.”

Although the bank claimed the rate was competitive, it pegged transaction rate at N1, 450 to the dollar…