The rate at which a currency is being exchanged for another currency is called ‘Exchange rate’. These rates are not always constant and vary according to different factors. The commercial banks we have in Nigeria all have a different exchange rate, though the margin is said to be thin. In Nigeria, the exchange rates are being regulated by the Central Bank of Nigeria (CBN). This article will be focusing on the dollar to the naira exchange rate of the United Bank of Africa (UBA). So, if you’re a UBA account holder or want to carry out a foreign transaction with them, stay tuned.
UBA Dollar to Naira Exchange rate
UBA is a financial services group with a strong focus towards people of African birth or descent. They are one of Africa’s best banking group with operations in 20 African countries. These countries are Nigeria, Chad, Cote d’Ivoire, Ghana, Liberia, Senegal, Uganda, Burkina Faso, Congo Brazzaville, Guinea, Kenya, Mali, Sierra Leone, Zambia, Cameroon, Congo DRC, Gabon, Mozambique, and Tanzania. They have also representative offices in Paris, New York, and London.
There is a new initiative by UBA called ‘FX Mart’ where you can buy and exchange foreign currency at competitive rates. The FX Mart is available in any UBA office worldwide. One good thing about this service is that you don’t have to be a UBA account holder to use it. The service is broken down in two parts; Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Only the three main currencies (Dollar, Pounds, and Euro) are traded on this platform.
Below is the official exchange rate from CBN used by UBA for June 2019
UBA Naira Exchange rate
- 1 USD =NGN 306.8
- UBA pounds to Naira exchange rate is 1 GBP = NGN389.1
- UBA euros to Naira exchange rate is 1 EURO = NGN 346.7
- UBA Canadian dollar to Naira exchange rate is 1 CAD = NGN 223.5
- UBA Japanese Yen to Naira exchange rate is 1 YEN = NGN 2.83
- UBA Chinese Renminbi/Yuan to Naira exchange rate is 1 Renminbi = NGN 44.31
- UBA South African Rand to Naira exchange rate is 1 Rand = NGN 20.74
- UBA Indian Rupee to Naira exchange rate is 1 INR = NGN 5.22
Now let’s look at the black market exchange rate used by UBA for its customers.
UBA Naira Blackmarket exchange rate
- 1 USD = NGN 365.5
- UBA pounds to Naira exchange rate is 1 GBP = NGN 471.4
- UBA euros to Naira exchange rate is 1 EURO = NGN 412.2
- UBA Canadian dollar to Naira exchange rate is 1 CAD = NGN 277.3
- UBA Japanese Yen to Naira exchange rate is 1 YEN =NGN 3.16
- UBA Chinese Renminbi/Yuan to Naira exchange rate is 1 Renminbi = NGN 54.32
- UBA South African Rand to Naira exchange rate is 1 Rand = NGN 25.64
- UBA Indian Rupee to Naira exchange rate is 1 INR = NGN 5.39
Note: You can only buy one of the above-listed allowances at once from UBA. Children between the ages from 12-18 years only are also entitled to buy foreign exchange from the bank. The minimum purchase is $100 or it’s equivalent in Pounds/Euro. Always make sure you’re okay with the exchange rates before going ahead with the transaction.