This new development is a result of banks having increased access to dollars, with the exchange rate remaining stable between N1,550 and N1,600 to $1 from 2024.
Ugodre further highlighted in this episode that stability has restored confidence for banks and foreign investors, making it possible for Nigerians to pay seamlessly when traveling or shopping online internationally
Moreover, it was noted that banks process transactions in dollars and earn small profits by using slightly higher exchange rates and adding extra fees, which shows that Nigeria is rejoining the global financial system after years of restrictions.
Click the link below to discover how this change affects you and see the full breakdown of its impact.
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