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Nairaland Forum / Nairaland / General / Business / Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar (39017 Views)
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Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by kachnov(m): 3:52pm On Jan 21, 2016 |
It's not profitable to be law abiding in some sectors in Nigeria.That's the major problem 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Nobody: 3:56pm On Jan 21, 2016 |
wealthprod: It is an old and well used trick.....one used in the good old days..... .From the day that Abacha took power to the day he died on June 8 1998, a period of some five years, the ‘official’ exchange rate of the naira to the dollar never changed from 22 naira to $1. The Autonomous Foreign Exchange Market (AFEM) was introduced in 1995 as a way for the Central Bank of Nigeria (CBN) to sell forex to end users at ‘market’ rates.CBN better clamp down. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Dyt(f): 3:57pm On Jan 21, 2016 |
mohlanforex: Stop promoting false info Even as low as the candy crush payment is I get charged way above the 167 And I rem still using that same card sometimes October and was charged 230 even when the official rate is 198 6 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by jaybee3(m): 3:57pm On Jan 21, 2016 |
anonimi: Are you really this dumb that you can't wean your programmed self off your nonsensical propaganda Jargons? Stop acting like a brainless twerp and learn to contribute to the development of your dear Nation |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by kamsypaul(f): 3:59pm On Jan 21, 2016 |
we are not corrupt in Nigeria, and we have never taken bribe before likewise the bank that is corruption in the highest order [color=#770077][/color] 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by chuksmad(m): 4:01pm On Jan 21, 2016 |
mohlanforex:It is a lie, GTB master card charge up to 300 per dollar, that is what i am using to buy online 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by dennisworld1(m): 4:01pm On Jan 21, 2016 |
#NoTo50NairaBankDeduction 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by aperture11: 4:05pm On Jan 21, 2016 |
I would recommend a free market for both the supply and demand side. Meaning the CBN allows more from the supply side. The CBN can then create a parallel market where they OBSERVE the buying and selling of the dollar. This is different from the CBN actually selling. The sources the banks currently get their dollars from now and the banks actually trade under the observation of the CBN. This will give us the true value of the Naira. This would also increase the supply side of things and try to balance out the price. The CBN and the banks need to be more sincere and not think about this in disparate measures as is but it needs to be thorough in thinking of its approach. This trial and error economic measures is killing Nigeria faster than Emefiele can think. 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by plangist: 4:09pm On Jan 21, 2016 |
na wa nothing we no go see 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Jimohsunday: 4:10pm On Jan 21, 2016 |
CBN knew about that, because last year I experience a extra chargers with my bank and when i complain to my bank they said that is CBN policy . 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by leighcon(m): 4:16pm On Jan 21, 2016 |
DoctorTim: Approach your bank, being school fees, it will be processed at CBN rate. You will need the admission letter, NYSC discharge if Postgraduate her passport data page and you will be asked to complete a Form A. Not so difficult, but banks have policies on who you can pay for e.g some allow only spouse and children while others are less rigid. If the account you're buying from shares surname with the student, there'll be less questions. @Post, It has been emphasised here, it is not CBNs money that is used to settle your card transactions, it is what the Bank's sourced on their own and they could have bought at any amount low or high. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by emmanuelgon: 4:17pm On Jan 21, 2016 |
Corruption/thievery is more in the banks than the any other institutions. EFCC take note 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by nwigwemark: 4:19pm On Jan 21, 2016 |
So where is CBN to shout, all they know is to call a press conference to crucify the BDC operators as if they are the ones fixing the dollar price. as far as i am concerned, CBN Governor is a learner. until he graduates, nigeria economy will still be in God's hand |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by imsuboi(m): 4:26pm On Jan 21, 2016 |
viktor01: 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by AwesomeRomeo: 4:28pm On Jan 21, 2016 |
Buhari should change the CBN governor because his policies always favors the banks unlike that of Sanusi. On our own part, we should stage a protest, a violent one. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by fashrola(m): 4:38pm On Jan 21, 2016 |
mohlanforex: LMFAO bros check ur debit alert wella... GTB charges about 301 to a dollar 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Excellent7(m): 4:39pm On Jan 21, 2016 |
mployer: Really?? Are you serious Yet the banks pay out at the official rate (about 199 NGN) when you send money to Nigeria by Western Union or Moneygram and then turn around to "sell" the money in settlement of their customers' dollar transactions at 300 NGN or more. With this practice, I was amused that they (the Banks) were wondering why customers were not rushing to deposit foreign currency in their domiciliary accounts when CBN reversed itself. They did not understand that people are cautious since they government introduced capital controls, because of the fear that one day the government may grab all FX in domiciliary accounts or ban it entirely forcing folks to accept Naira at a rate stipulated by them. It will be interesting to see the volume of Diaspora remittances for Q1 and Q2 2016. 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Nobody: 4:45pm On Jan 21, 2016 |
wealthprod:You still don't get it! Stop importing and start producing for export! 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by ibe9ja: 4:49pm On Jan 21, 2016 |
Demdem: Banks that failed to comply with cbn's single TSA directives were fined huge sum of money |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 4:51pm On Jan 21, 2016 |
leighcon:So u mean banks buy dollars from the black market and then use the dollars to pay for their customers forex transactions. Okay why then do cbn sell forex to banks? |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by wirinet(m): 5:01pm On Jan 21, 2016 |
Bevista: And you think the gap between the parallel and official rate can be bridged simply by devaluation. The official market has been chasing the parallel market since the early 80's when $1 was N0.5 and till today is yet to catch up. As long as we export everything we consume and export only crude oil, the gap between the parallel and official markets would be determined by the price of crude oil. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by luorquay: 5:04pm On Jan 21, 2016 |
Bevista: Bros you go school complete. ORIGINAL CERTIFICATE RECEIVED BY YOU 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 5:07pm On Jan 21, 2016 |
wirinet:I said "narrow". You can take that to mean anything you want. There was a time, during, Soludo when the difference between the official and parallel exchange rate was less than N2. --- Devaluation does not solve the fundamental economic problem of import dependency, but it will prevent a bad situation from getting worse. 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by doplove(m): 5:14pm On Jan 21, 2016 |
Greene66: @Bevista said the banks buys at higher rate, can i assume it's N185 quoted by @Greene66. To the best of my knowledge the banks never buys above the CBN rates. Just imagine; Profit when banks buy in exchange = N199-N185 = N14 Profit when banks sell in exchange = N300 - N199 = N101 This is daylight robbery, and we should all resist this if we can...... protest is one way. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Vizboyz: 5:18pm On Jan 21, 2016 |
those banks are theives. when i receive payment they buy at 199 but when am making payment it is 305 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 5:19pm On Jan 21, 2016 |
DoctorTim:You will need to visit your bank and tell them that you need dollars to pay school fees for your sister overseas. They might ask you for some school documentation as proof. Once they are OK, they'll give you a form to fill and will charge you the official exchange rate of ~N199/$. They will still need to take your form to CBN for approval. Once approved, you are home and dry. Failing that, you might have source dollars elsewhere for that payment. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 5:20pm On Jan 21, 2016 |
doplove:A total potential profit of N115/$. Ridiculous! 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Bevista: 5:22pm On Jan 21, 2016 |
bubbleforth:Yes boss! |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by wirinet(m): 5:33pm On Jan 21, 2016 |
Bevista: I say it is not as simple as that. During soludo time what was the average price of crude? what was our import bill? what was our expenditure (especially recurrent). During soludo, the OBJ government was able to pay our debt to the paris club, meet the dollar demands of Nigeria at the bi-weekly dollar dutch auction sales and save enough money in our foreign reserve and sovereign wealth fund. He even had the luxury of hosting two expensive world events - Commonwealth Games and Commonwealth Heads of Governments. So because the OBJ government was relatively "prudent", soludo had enough dollars to bridge the gap between the parallel and official markets. But now the situation has reversed. Crude is selling at $27 per barrel, our taste for imported products has skyrocketed, our recurrent expenditure has ballooned, and there are loan obligations to pay. Dont forget that corruption within the government agencies has also risen. So where do you want Emefiele to get the dollars to bridge the Gap between the markets? 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Image123(m): 5:33pm On Jan 21, 2016 |
grandstar: Please explain logically. What will make BDCs,banks and co sell lower when CBN devalues to like 250naira per $? What stops them from selling at 350? 3 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by imsuboi(m): 5:40pm On Jan 21, 2016 |
mohlanforex: You're a thief. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by otokx(m): 5:41pm On Jan 21, 2016 |
These banks are just having a field day. |
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