Caxxandra:
FirstBank rate today: N213 for $1 Probably Stanbic should reduce to N208 or below

please someone help confirm this

989900:


Corrrrrrrrect!!!!

It's good I'm not alone on this; I've been complaining about their rates since 2012, and more especially since late last year.

Your mail to them is so comprehensive and on point.

If many more will do same . . .

And yes I support we take this campaign further like you rightly suggested . . . FB, twitter . . .

Even if they have more dollar demands to meet up with than say Stanbic for example, do they get their dollars from the CBN at a higher rate than Stanbic? I still don't get the excuse for the anomaly.

And when you ask them, they reply you with their generic "yada yada yada".

Banks in Nigeria post insane profits for doing a disservice to their customers. #onlyin9ja

The CBN and FG guarantees they make insane immoral profits without giving a damn about their clients. You can't get jack from them, even when you do, it's at 'cut throat . . . I guess that should probably reduce soon.

They, with the FG and CBN, create excess liquidity which accounts for a large chunk of the devaluation of the Naira.

My guy, though the amount they withold in my case is less than 2k, i still bombard them with mails and frequent dm on twitter,got d first refund on monday and gtbank correct their anomaly on wednesday..barely 48 hrs

Caxxandra:
FirstBank rate today: N213 for $1
Probably Stanbic should reduce to N208 or below

Diamond bank still dey tell me conversion rate of 13%. See the callousness! For 3 weeks we've been going back and forth. I think I need to take this to twitter full-time

Caxxandra:
FirstBank rate today: N213 for $1
Probably Stanbic should reduce to N208 or below

N212 - $1 ---- 9/10/2015

@carmal90, nice write up. Everyone should follow suit. The proof is all over the place for everyone to see.

DavisBloom:

N212 - $1 ---- 9/10/2015

whch bank?

Carmal90:

Sorry dude, just got out from this type of mess with them ysterday,they charged @225 and refunded @199 until i mailed them and copy cbn..
I would like to join your numerous customers to register my displeasure at your exploitative tendencies with regards to your foreign exchange rates (with particular reference to Naira Mastercard online transactions exchange rate). It is bad enough that you charge 226 naira to the dollar but to charge 199 naira to the dollar when crediting the same account (for instance when there is a reversal or refund for the same transaction) is, to say the least, wicked and down right exploitative.
This practice has been going on for quite a long time but I must complain officially now. Recently, I made an online transaction and paid via Paypal using my Mastercard debit card. I was charged nearly 226 naira to a dollar. A couple of days later, the transaction was cancelled and a refund issued. I was refunded at 199 naira to the dollar. Now lets us assume I make a transaction of $1000 and you debit my account at 225 naira then later the transaction was cancelled and refunded. Then you credit my account at 199 naira to the dollar. That means I would have lost 26,000 naira! Multiply that by, let's say, 100 of such a scenario.
The truth is that many Nigerian banks are defrauding customers via online foreign exchange transactions and it's high time CBN looked into the anomaly. I am copying this email to them to join the countless others they most have received on this matter.
I and many other concerned bank customers have initiated an online campaign to bring this anomaly to the public while hoping that CBN takes necessary actions to halt the trend. We have started on a small scale on Nairaland.com and will start a Facebook and Twitter campaign very soon. I read in the dailies that GTB posted an H1 PBT of 63 billion naira and I could not help but laugh and feel sad at the same time because it is sharp practices like the one I am writing about that translates to profit for banks. At the detriment of customers.
I hope CBN does something about this because, knowing GTB, you will give reasons for charging different rates for buying and selling foreign exchange. The usual excuses. But you should know that Mastercard is the same all over the world. And I do not think they charge different rates for different banks in Nigeria otherwise, why would a bank like Stanbic IBTC charge the lowest dollar rate among Nigerian banks (using the same Mastercard Naira Debit card) and refund at the same rate they debited the card?
Thank you.
But you have to edit it to ur taste
Nb.also copy this mail from this thread ohhh
cpd@ cbn.gov.ng
cardservices@ gtbank.com
cardsupport@ gtbank.com

Thanks bro, COPIED EDITED AND SENT

Caxxandra:
FirstBank rate today: N213 for $1
Probably Stanbic should reduce to N208 or below

are you sure about this? please which of their cards?

FirstBank Visa Prepaid Card


$1/218.59198 --- 10-09-15 11:18AM

yemi2plus:
FirstBank Visa Prepaid Card

$1/218.59198 --- 10-09-15 11:18AM

guy, has it reflected on your statement, if not then that is not their charge because they would deduct again.

bukahands:



Thanks bro, COPIED EDITED AND SENT

copied, edited and sent.. see my mail and their reply below;

I would like to join your numerous customers to register my displeasure at your exploitative tendencies with regards to your foreign exchange rates (with particular reference to Naira Mastercard online transactions exchange rate). It is bad that you charge 212 naira to a dollar but to charge 199 naira to a dollar when crediting the same account (for instance when there is a reversal or refund for the same transaction).

I made payment @ 212 naira per dollar ....... and got refund @ 199 naira per dollar on ...... . Another transaction at the same rate occurred on .... and refunded @ 199 naira per dollar on .....

I and many other concerned bank customers have initiated an online campaign to bring this anomaly to the public while hoping that CBN takes necessary actions to halt the trend. We have started on a small scale on Nairaland.com and will start a Facebook and Twitter campaign very soon.

Also I want to know why GTB (other banks too) charges a rate that's different from CBN rate which is not even regular from bank to bank in Nigeria which Stanbic IBTC is the best in this regards for the same Naira MasterCard.

I hope the information provided above will be enough to correct all the misappropriation in the crediting and debiting all customers account .....shorten... of our Naira Mastercard online transactions exchange rate.

I await your positive response to this soon.

Thanks.

their reply;

Thank you for contacting Guaranty Trust Bank's Card Services.
Your mail below has been received and we sincerely empathize with you on any inconvenience you may have experienced.
 
First, we like to assure you that the refund difference will be credited back toyour account unfailingly by close of business today.
 
Further, the referenced transactions were charged at the prevailinge exchangerate applied to international card transactions at the particular time.
 
The rate simply reflects the current situation in the FX market and the increasing challenges that the bank is facing in sourcing Foreign currencies for the settlement of card transactions.
 
As we always strive to stay competitive in the industry whilst we offer value adding services to our cardholders, kindly note that  we are working on reviewing the rate as soon as the current pressure abates.
 
Thank you for choosing for choosing Guaranty Trust Bank.

UBA exchange rate?

sherif4owo:


copied, edited and sent.. see my mail and their reply below;




their reply;

NICE !!!

mavinc4u:


guy, has it reflected on your statement, if not then that is not their charge because they would deduct again.

The expert has spoken! !!

what is the current euro rate and which bank has the cheapest rate for euro?

Interested in current € rate

€ rate pls.

Caxxandra:
FirstBank rate today: N213 for $1
Probably Stanbic should reduce to N208 or below

The problem is consistency, first Bank may charge you 213 today and charge 231 next transaction

My money has been refunded !!!

bukahands:
My money has been refunded !!!

Alleluhiaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

The fear of CBN

Had a similar issue with UBA last month. Am gonna copy and send tomorrow. Mine was actually bad, i was charged at 253 and refunded at 199. Its time for war

princetom1:
Had a similar issue with UBA last month. Am gonna copy and send tomorrow. Mine was actually bad, i was charged at 253 and refunded at 199. Its time for war

Same here with the same bank but I was refunded. Didn't have to write CBN because I called the CC and threatened to take it official. They begged and said they will reverse within 24hrs and it was done. Call the CC and make sure you armed with it facts and figures!! They will refund u fully!

bukahands:



Thanks bro, COPIED EDITED AND SENT

this is what we are talking about

princetom1:
Had a similar issue with UBA last month. Am gonna copy and send tomorrow. Mine was actually bad, i was charged at 25
3 and refunded at 199. Its time for war

who u offend guy?

gbodimowo:



who u offend guy?

989900:
Pls. How much is $ GTB ? And $ Black market (buying and selling)?

Don't know about GTB but for BM.

http://abokifx.com/

Please who knows about Diamond Bank's dollar rate?

is Money gram doing the same $!000 every 3 months, and how is their rates compared to western union ?

modath:


Don't know about GTB but for BM.

http://abokifx.com/

Thanks.

Nigerian banks and sharp practice. They take us for granted knowing they ccan easily get away with it. They dare not try this in poorer economies like burkina faso because their system protects their citizen.