Different Banks in Nigeria and Their Form A Pounds Rates
Form A is a document to transfer money from a Nigerian bank account to an overseas one. It is issued by the originating bank and must be completed by the sender of the funds. The form includes information such as the sender’s name, account number, the recipient’s name, account number, and the amount of money being transferred.
The rates for Form A vary from bank to bank. Some banks charge a flat fee, while others charge a percentage of the transferred amount. The rates can also be affected by the currency being transferred. In this article, I will be discussing the different banks in Nigeria and their Form A pounds rates.
Different Banks in Nigeria and Their Form A Pounds Rates
As of August 17, 2023, the CBN’s Form A rate for dollars (USD/NGN) was 745.931. For pounds sterling (GBP/NGN), it was 951.7334, while for euro (EUR/NGN) was 812.6172.
Here, I’ll focus on the Form A pounds rate from some of the different banks in Nigeria. You should know that banks set their exchange rates based on different factors. Also, the prices tend to fluctuate due to the current instability in the Nigerian economy.
1. Access Bank
As of August 18, 2023, the Form A pounds sterling (GBP/NGN) rate for Access Bank was NGN941.03.
2. EcoBank
The Form A dollar rate (USD/NGN) rate for EcoBank as of August 18, 2023, was NGN750.00. Unfortunately, I could not get my hands on the pound sterling rate due to the rate fluctuations. To ensure you get a good rate, make sure your account is always funded. Then, place your bids on the platform at a reasonable rate. If your rate is reasonable, your Naira will be converted to the currency you placed the bid for.
3. Fidelity Bank
As of August 18, 2023, the Form A dollar rate (USD/NGN) rate for Fidelity Bank was NGN752.00, the pounds sterling rate (GPB/NGN) was 959.40, and the euro rate (EUR/NGN) was 823.82.
4. UBA
On August 18, 2023, the exchange rate for GBP/NGN on UBA’s Form A was NGN979.00.
5. First Bank
The exchange rate for Form A pounds sterling (GBP/NGN) at First Bank on August 18, 2023, was NGN775.00.
6. Zenith Bank
The GBP/NGN exchange rate for Zenith Bank on August 18, 2023, was NGN967.33 under Form A.
7. Skye Bank
As of August 18, 2023, the Form A pounds sterling (GBP/NGN) rate for Skye was NGN950.14
8. Sterling Bank
As of August 18, 2023, the Form A pounds sterling (GBP/NGN) rate for Sterling Bank was NGN967.
9. First City Momentum Bank
As of August 18, 2023, the Form A pounds sterling (GBP/NGN) rate for First City Momentum Bank was NGN967.
10. Stanbic IBTC
As of August 18, 2023, the Form A pounds sterling (GBP/NGN) rate for Stanbic IBTC was NGN 940.
Please keep in mind that the rates may vary and fluctuate due to the current economic conditions in Nigeria.
Factors That Affect the Form A Pounds Rate
1. The CBN’s official exchange rate
The CBN sets the official exchange rate for the naira against major currencies, including the pound. Banks and other financial institutions use this rate as a benchmark when setting their own exchange rates.
2. The prevailing black market rate
The black market rate is the unofficial exchange rate that is determined by the forces of supply and demand. This rate is often higher than the official exchange rate, as there is a greater demand for foreign currency in Nigeria than there is supply.
3. The demand and supply of pounds in Nigeria
The demand for pounds in Nigeria is influenced by several factors, including the number of Nigerians traveling to the UK, the amount of imports from the UK, and the level of foreign investment in Nigeria. The supply of pounds in Nigeria is influenced by the amount of pounds sent to Nigeria by Nigerians living abroad and the amount of pounds that Nigerians earn from exports to the UK.
4. The political and economic stability of Nigeria
Nigeria’s political and economic stability can also affect the Form A pounds rate. If there is political instability or economic uncertainty in Nigeria, the demand for foreign currency may increase, which can increase the exchange rate.
5. The global economic situation
The global economic situation can also affect the Form A pounds rate. If the global economy is doing well, there may be more pound demand, which can increase the exchange rate. Conversely, if the global economy is doing poorly, there may be less pound demand, which can reduce the exchange rate.
How to Get the Best Form A Pounds Rate
1. Shop around
Compare the Form A pounds rates offered by different banks. You can find this information on the websites of the banks or by calling them directly. Sometimes, the banks might refer you to go to their branch near you.
2. Use a foreign exchange broker
Foreign exchange brokers often offer better exchange rates than banks. You can find a list of foreign exchange brokers in Nigeria online.
3. Buy pounds in bulk
If you are buying a large amount of pounds, you may be able to negotiate a better exchange rate.
4. Time your purchase
The Form A pounds rate fluctuates on a daily basis, so it is important to time your purchase when the rate is favorable.
5. Consider the fees charged
Some banks and foreign exchange brokers may charge additional fees for purchasing foreign currency. These fees can vary, so factoring them into the overall cost is important.
6. Be aware of the minimum purchase amount
Some banks and foreign exchange brokers may have a minimum purchase amount for foreign currency. This means that you may not be able to buy a small amount of pounds.
7. Consider the speed of processing
The processing time for Form A applications can vary from bank to bank and from foreign exchange broker to foreign exchange broker. Some banks and foreign exchange brokers may be able to process your application more quickly than others.
Tips for Using Form A to Buy Pounds
1. Read the instructions carefully
Form A is a legal document, so it is important to read the instructions carefully before filling it out. Ensure you understand all the requirements, such as the purpose of the purchase, the amount of money you are applying for, and the supporting documentation you need to provide.
2. Provide accurate information
The information you provide on the Form A must be accurate. If you make a mistake, your application may be rejected.
3. Gather the required documentation
The required documentation will vary depending on the purpose of your purchase. However, you will typically need to provide a valid passport, a visa (if applicable), and an international return ticket.
4. Apply at a licensed bank
Only licensed banks can process Form A applications. You can find a list of licensed banks on the Central Bank of Nigeria website.
5. Pay the required fees
There are fees associated with purchasing foreign currency using Form A. The Central Bank of Nigeria sets these fees.
6. Wait for the approval
The bank must approve your Form A before you can purchase foreign currency. This process can take a few days. Be patient, and do not contact the bank daily to check your application status.
Frequently Asked Questions
How Much Is the Pounds at the Cbn Rate Today?
The CBN rate for the pounds changes daily, and it’s best to check with the Central Bank of Nigeria for the current rate. You can also check with your bank to see if they offer competitive rates with the CBN rate. Although, on August 17, 2023, the CBN’s Form A rate for pounds (GBP/NGN) was 951.7334.
Which Nigerian Bank Offers the Best Exchange Rate?
Different banks offer different exchange rates, so shopping around is essential to find the best rates. Some banks that offer competitive rates for pounds include UBA, Zenith Bank, and Fidelity Bank. However, it’s important to note that exchange rates can change quickly, so it’s best to check with the bank directly for the current rate.
Which Bank Has the Fastest Processing Time for Form A?
The processing time for Form A can vary depending on the bank. Some banks, such as Zenith Bank and UBA, offer same-day processing for Form A if all the required documents are provided. It’s best to check with your bank to see what their processing time is and what documents are needed to ensure a smooth and speedy process.
Conclusion
The Form A rate is important when planning to travel to the UK or purchase in pounds. There are many factors to consider when choosing a bank for Form A. The best bank for you will depend on your individual needs and preferences. By comparing the Form A rates, customer service, security features, and convenience of different banks, you can find the best option for your money transfer needs.
