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Nairaland Forum / Nairaland / General / Business / Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink (16866 Views)
Nigeria’s Dollar Shortage Worsens As Demand For School Fees Abroad Mounts / Naira Appreciates As Demand For Dollar Gets Low / Naira Slides Further As Demand Outweigh Supply (2) (3) (4)
Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Islie: 1:21pm On Jul 04, 2016 |
By Obinna Chima and Nume Ekeghe http://www.thisdaylive.com/index.php/2016/07/04/banks-in-competitive-fx-trading-as-demand-for-school-fees-others-shrink/ 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by ijustdey: 2:26pm On Jul 04, 2016 |
this is a good development since those frivolities that do make forex scares had reduced and the core manufacturing compound be able to access forex without much hassle 7 Likes |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by suyamasta(m): 2:41pm On Jul 04, 2016 |
I saw Card payment there o, yet our banks charge way above the official rate for card payments 3 Likes |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by snadguy007(m): 3:02pm On Jul 04, 2016 |
Sorry... Wrong thread. |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by amiibaby(f): 3:03pm On Jul 04, 2016 |
Ok |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Built2last: 3:05pm On Jul 04, 2016 |
My people!!! How can we report banks to CBN for their terrible and ridiculous card rates. These guys buy Dollars from CBN at 283-286 and you use your card outside Nigeria. banks want to cut your neck. The cheapest card rate I know now is Standard chartered and Stanbic IBTC other banks charge as high as 320-340. How can we report them to CBN to check this crazy charges. 23 Likes 4 Shares |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Ijaya123: 3:06pm On Jul 04, 2016 |
Sanity finally coming to the market. No more round tripping. 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by ekmike(m): 3:10pm On Jul 04, 2016 |
if this mean what I think it does then it's a good one |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Nobody: 3:13pm On Jul 04, 2016 |
Nonsense report, they post their transactions on dailies with nothing to read again You buy a newspaper and all you see are transactions in dollars and description for more than 50% space |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by BoiledHead(m): 3:14pm On Jul 04, 2016 |
Built2last: Lol you are supposed to source for your own dollars. The banks own the dollars and can sell at any rate they please to card holders using naira card. Get a dollar card and source your own dollars at 283 too. Lol. PTA AND BTA payments are sold at 286 by banks to customers. So you that you are doing online shopping it's 320. The online shopping is not part of their official stuff 8 Likes 1 Share |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by chinoify: 3:15pm On Jul 04, 2016 |
ok |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by gunpoint(m): 3:15pm On Jul 04, 2016 |
Built2last:Is die |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by dollaflow(m): 3:15pm On Jul 04, 2016 |
toor |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Nobody: 3:17pm On Jul 04, 2016 |
Good one. By the time dollar isn't available for even the politicians who send their children abroad for education, they will be forced to upgrade our higher institutions to world class. 4 Likes |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by chidi2pus(m): 3:17pm On Jul 04, 2016 |
I wonder if the things like PTA, BTA and school fees are what really governs the market dynamics. Demand for fx will inevitably surge north of the 350 price in a few months. Finally, I hate whatever news doesn't translate into reality for the average man here in Nigeria. Dollar still 350 at the parallel market and 340 for online shoppers 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by barnaby04(m): 3:18pm On Jul 04, 2016 |
Our banks have forgotten that we are in the era of change, don't worry guys, very soon, a lot of these banks would start being guests of EFCC to explain these their 419 card deals on us! 2 Likes |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by frisky2good(m): 3:21pm On Jul 04, 2016 |
The banks are allowed to add profit and commission to the price they buy. Built2last: |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by yomz1e(m): 3:24pm On Jul 04, 2016 |
Seriously something is wrong, if CBN are selling it at £1 to N296 and sterling bank are selling it at over N600 through ATM withdrawal is Theft and unfair . At least GTB is the cheapest but still friggin high, there was time I could get £5k for 1m now it's £2350, and please I don't need any idiot to tell me Buhari is to blame.. We all know who bled our foreign reserve dry before this current administration ..so pls keep ur comments to yourself if it's not positive latest as of 6:51pm @GTB N444.96 to £1 far better than other dick thurpins 9 Likes 1 Share |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by menxer: 3:27pm On Jul 04, 2016 |
suyamasta: That is! PayPal was/is 330/$ GTBank 340/$ I no see GTBank for the list ooo |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Adesiji77: 3:39pm On Jul 04, 2016 |
Okay |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by sucess001(m): 3:43pm On Jul 04, 2016 |
Buhari has ruined the economy.... i pray the economy can recover from his 4 year tenure... #unbelievable! 4 Likes 1 Share |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by kolnel: 3:46pm On Jul 04, 2016 |
Ok |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by eleojo23: 3:50pm On Jul 04, 2016 |
menxer:GTB is 330/$ through PayPal. |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by Realdeals(m): 4:06pm On Jul 04, 2016 |
CBN knew what the banks are doing to people making purchases online. We Nigerian are smart, people that make withdrawals in dollars outside Nigeria at N286 can return to sell the same dollar at N350 at the parallel market. 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by PEREP: 4:12pm On Jul 04, 2016 |
[quote author=Built2last post=47199671]My people!!! How can we report banks to CBN for their terrible and ridiculous card rates. These guys buy Dollars from CBN at 283-286 and you use your card outside Nigeria. banks want to cut your neck. The cheapest card rate I know now is Standard chartered and Stanbic IBTC other banks charge as high as 320-340. How can we report them to CBN to check this crazy charges.[/quote The CBN need to release the hold they have on card pricing or else banks will also run into trouble on Card transactions. The amount charged to your card is not just the USD to Naira rate. For example, every transaction abroad on an ATM is @ $1.75-$2.25 while CBN insisted on N240 for International ATM withdrawal. Another example is the switching rates paid on MasterCard/VISA transaction routing which is @ about $1.20 whether it is financial or not. That is, if you do a balance enquiry, the banks are paying For Balance enquiry itself, banks pay 0.25USD per transaction and trust Nigerians, we just do it without caution and CBN would not allow banks to charge for this The final amount charged to card is not just a rate of Naira to USD. Card transaction is different from BDC. BDC arrangement have all the party in one location and no added cost incurred while card transactions involve the owner of the terminal, the routing companies in and out of Nigeria, the bank's routing companies acting as TPP and all other banking expenses to facilitate card transaction. Regards, 2 Likes |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by suyamasta(m): 4:12pm On Jul 04, 2016 |
menxer:just imagine the difference 340-282= 58 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by suyamasta(m): 4:19pm On Jul 04, 2016 |
frisky2good:That is official corruption because the banks dont own the fx CBN gives it to them to enhance trade and settlement not to steal from innocent customers 1 Like |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by sammyj: 4:31pm On Jul 04, 2016 |
This good news. Let me sharperly go and look for money to pay my school fees oooooo. Wailers another round of food has come ooo!!!! |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by maxit2(m): 4:41pm On Jul 04, 2016 |
Will they release forex to someone trying to import a car ? (Brand New). Just Over 100k$. Am sure they won't. Just asking incase anyone knows for sure. |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by 7lives: 6:18pm On Jul 04, 2016 |
Built2last: God bless stambic bank. 2 Likes 1 Share |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by menxer: 6:36pm On Jul 04, 2016 |
eleojo23: Try buying on Amazon where PayPal is not supported. |
Re: Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink by eleojo23: 6:41pm On Jul 04, 2016 |
menxer:I would have done that but I won't be needing anything from Amazon at the moment. Have you tried it? How much do they charge? |
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