The naira to dollar exchange rate at the Lagos blackmarket today is N473 to a dollar. But many travellers bought at cheaper rate, N365 to a dollar at Travelex,inside the Murtala Muhammed International Airport, Lagos terminal. Hundreds of travellers besieged the company today to buy foreign currencies at cheaper rate and some to take advantage of the wide differential. But not everyone succeeded in meeting the company’s stringent conditions.
See if you are qualified to take advantage of Travelex cheaper dollar exchange rate. First,Travelex sells dollar to genuine travellers. If you are not travelling abroad, you are not qualified to buy from them. Travellers need a presentation of valid international passport, approved visa to destination, Biometric Verification Number (BVN) card, airline boarding pass and signed copy of transaction.
Travelex would only hand over the exchanged foreign currency to the traveller at the boarding gate after security and immigration checks. According to the comapny, they put all these conditions in place to ensure that dollar is sold to only genuine travellers, and discourage racketeering.
Several travellers were unable to buy dollars from Travelex because they could not produce their BVN cards. Many ended up buying from Bureaux de change operators within the terminal selling at high rate from N470 to N473 to a dollar.
Central Bank of Nigeria (CBN) recently gave approval to Travelex to sell dollar, paving way for easy access to forex for travellers.
Travelex opened its first store in London in 1976 and now operates as the world’s leading independent foreign exchange business. Travelex has over 1,500 stores and 1,250 ATMs in 28 countries at key airport, seaport, rail, tourist locations. The firm provides cash and pre-paid cards to over 37 million retail customers each year and every hour, Travelex provides foreign currency to more than 2,000 customers. Over 40% of the world’s travellers – 1.7 billion passengers a year – pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, London, Hong Kong, Mumbai, New York, Paris, Sydney and Tokyo, according to information made available on their website.