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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 (39019 Views)
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Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 1:14pm On Jan 22, 2016 |
doplove: In Angola, banks can still get the equivalent amount of dollars you spend back from the Central Bank to settle those transactions. That option is not available in Nigeria anymore as per information from the CBN. This was available till the CBN stopped it. So no consumer protection agency can help with regards to this. 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solibayo: 1:18pm On Jan 22, 2016 |
magicfingers009: So because the greedy banks pay you about 300k per month means people should not talk again abi.....i think your brain dey enter pause wella How do you ethically justify charging me around N300/$1 and refund me at N199/$1 on the same transaction....how? And do you think if about N10M accounts are to be closed today, you would still have a job talk-less of to come up here and be spewing rubbish? Am sure you know how much these banks make per month even just from SMS alert charges Try and hide your stupidity bros 1 Like |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solibayo: 1:22pm On Jan 22, 2016 |
wirinet: Nice analysis sir but the key words here are prudent and savings.....the Last administration was neither prudent neither did they save up which has largely contributed to the mess we are in today apart from the corporate greed of the banks and BDC's while our forex earnings from crude has significantly nose-dived |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solibayo: 1:25pm On Jan 22, 2016 |
carpenter: God bless you sir The junior officers part just tells you a lot of corporate greed is involved in this mess |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 1:41pm On Jan 22, 2016 |
AdeMoss:now I am learning something new. I know what bta is but pls what is pta ? |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 1:58pm On Jan 22, 2016 |
AdeMoss: Sorry Sir...NO. You do not fund your bank credit card via CBN advised rates. You fund it via inflow or dollars you deposited (however you got it). |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by ibietela2(m): 2:31pm On Jan 22, 2016 |
Scholarforever: k |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by magicfingers009: 2:53pm On Jan 22, 2016 |
Oga, read what Bevista wrote with an open mind. Commercials banks bid for FX from CBN for CBN transactions with instruments such as FORM A, FORM M, Letters of Credit (Intl Trade Finance). CBN does not sell dollars to bank to settle card transactions. Protest and get your ass behind bars for civil disobedience. doplove: |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by AdeMoss: 3:46pm On Jan 22, 2016 |
carpenter: Sir, I am not speculating. This is one thing I do on a daily. You CAN fund USD credit card repayment at CBN rate. Every Nigerian have a limit of USD they can access with CBN. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Teenaira: 4:21pm On Jan 22, 2016 |
magicfingers009: My brother, all I wanted was £200. I expect that this should not really be too much for a bank to sell to a long standing customer. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by Sanchase: 8:53pm On Jan 22, 2016 |
carpenter: Devaluation of a country's currency in response to the activities of black marketers is not good economics. You do not devalue your currency due to influence of black marketers, GEJ did it before (it was wrong). The solution is to exercise control over the supply and trade of those black marketers for example CBN stopped supplying BDC foreign currency but failed to create adequate channel for genuine Nigerians in need of forex to have access. The best solution is to keep the sale of foreign currency as a Nigerian government facility and provide adequate access for genuine Nigerians, when you devalue your currency you allow black markets to control the government (it should never happen). Devaluation has severe consequences for a country like Nigeria who relies on so much imports (cost of goods par example). 2 Likes |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by magicfingers009: 5:55am On Jan 23, 2016 |
Its you that needs to hide your stupidity and stop the lies just to garner cheap relevance on this forum. Its common knowledge that when you purchase anything online, the bank blocks a certain amount at whatever the prevailing rate is for that day. If they can't settle your FX transaction, the block is released back to you. If you don't like how banks charge you, keep your ten naira under your bed, I'm sure nobody would notice. Omo ode. solibayo: |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by blym4real: 6:08am On Jan 23, 2016 |
AdeMoss:Can you expatiate on this sir. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 6:27am On Jan 23, 2016 |
Sanchase: I understand your points but you seem to have missed the point that Oil exports is responsible for about 90% of Nigeria's foreign exchange and at some point it was over 100-126 USD while naira was around 150-160 CBN rate (not sure). Now that Oil is hovering around 30 USD...do the maths, and add the fact that we seem to now have a more responsible govt, so some leakages would have been blocked. Conservatively, the naira should be trading at 250-300...This is not emotional for me, it is just what it is. Nigeria is not alone in this and you might say people are hoarding dollars, people are buying what they should not be buying with dollars... but that is still demand for forex. In 2014, the Angolan Kwanza was 100 to a dollar and in the black market you can sell at 102. Now it is 161 and the black market has risen to over 300kwanza...the gap is too much just like we have in Nigeria. However, Angola has a population of (20-25m) people, depending on who you talk to and they have a reserve of 29bn dollars...a little more than we have with way more population. They have resisted devaluation more than Nigeria has but somehow they always have to do it. I support the CBN in their moves but I am of the opinion they are trying to block all they can then devalue...it is just a matter of time unless....Oil prices pick up or we get other income streams. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 6:50am On Jan 23, 2016 |
AdeMoss: I will be happy to know what bank and how they do it... |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solibayo: 9:02am On Jan 23, 2016 |
magicfingers009: SMH...Typical nigerian mediocre.....earns $1000 per month after cheating thru college tests, won't let people rest online. Will continue to defend his greedy paymasters till he can't login at work again and will suddenly start wailing. kindly tell your paymasters they are killin the economy by their round-tripping and soon it will come back to destroy them inadvertently. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by solibayo: 9:06am On Jan 23, 2016 |
AdeMoss: Can you show us the way? |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by AdeMoss: 10:11am On Jan 23, 2016 |
blym4real: It depends on what. But your bank should be able to assist |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 10:30am On Jan 23, 2016 |
AdeMoss: Oga tell us the bank you use to support your statement |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 10:43am On Jan 23, 2016 |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 10:44am On Jan 23, 2016 |
AdeMoss:you have said enough let them go to their various banks and do more research |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 10:50am On Jan 23, 2016 |
onatisi: Apparently, we have a number of people that give out information that cannot be verified. I have noted your names for the future. If you fund your card with a PTA or BTA that is a different thing. To claim you fund your cards at CBN advised rates is a bloody lie. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 10:56am On Jan 23, 2016 |
carpenter:u are mixing ppl up. I never said i have funded any card |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 10:58am On Jan 23, 2016 |
onatisi: No Sir I am not...you are the one that joined issues by backing someone passing across wrong information. So you and him have become the same...guilty by association. So encourage him to state which bank funds his card with CBN rates and I would tender my unreserved apology after confirming that info is genuine. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 11:02am On Jan 23, 2016 |
carpenter:I like u and ur style. But let disagree to agree. All I said was that you should go to your various banks to verify the information given,wasn't that what I said ? We can't and don't know everything ,he maybe right but before you can reach a conclusion ,try and visit your bank first |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by blym4real: 11:04am On Jan 23, 2016 |
onatisi:You are here already, are you the one sharing the information? You can't share the information on the currency exchange rate thread and someone like you is here enlightening us yet you are still not happy about it. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 11:05am On Jan 23, 2016 |
blym4real:so asking you to verify the information given whether it is authentic or not makes me a bad person now ,abi Ok ooooo |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 11:06am On Jan 23, 2016 |
onatisi: He is not right, he is wrong...if you do not know anything about this...stay clear. That is the honourable way! |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 11:08am On Jan 23, 2016 |
carpenter:I no go argue . |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by blym4real: 11:09am On Jan 23, 2016 |
onatisi:I perfectly understood the message you were passing across to him. If you are not ready to share information please don't block other people from sharing. |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by onatisi(m): 11:11am On Jan 23, 2016 |
blym4real:ok I no go talk again . Are u happy now Now give me a smile |
Re: Why Do Our Bank Charges Us N301 While Cbn Sell For Them At N199 Per Dollar by carpenter(m): 11:19am On Jan 23, 2016 |
onatisi: Bro we love you and are trying to get you out...which you now are. 1 Like |
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