Breaking: GTB Mastercard is now cheapest in Nigeria

Guaranty Trust Bank Plc (GTBank)is now the cheapest bank in Nigeria to access Foreign Exchange (Forex) through your Naira Mastercard.

On July 14, 2017, GTB carried out foreign transactions for their respective customers by charging their clients three hundred and seventy-three and ninety-six kobo per dollar (373.96 per dollar).

The bank holding the cheapest naira mastercard dollar rates in Nigeria before July 14, 2017 was Access Bank who sold dollars at a fixed rate of N375.

With GTB over taking Access bank now as the cheapest bank atm rates in the country, we encourage our visitors to start patronizing them. Sooner, rather than later, we expect more banks to provide more competition that will further drive down the price of dollars in the country.

Meanwhile, in a move that signalled improved foreign exchange (forex) liquidity in the banking system, tier-one lender, Guaranty Trust Bank Plc (GTBank) has raised the monthly international spend limit on its naira MasterCard by 900% to US$1,000 from US$100 effective July 10.

In an e-mail to customers, GTBank said the limit was raised for only electronic transactions online and via point of sale terminals, stressing that rstrictions still remain on cash withdrawal.

The bank stated: “We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments. Kindly note that International cash withdrawal is still restricted.”

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