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Confused About The Exchange Rate And The Market Price - Business - Nairaland

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Confused About The Exchange Rate And The Market Price by Sheyboy8: 10:28pm On Sep 08, 2016
I want to send $100 to someone in d US through these eWallet site Netteller bt when I checked the exchange rate I saw something like #310/$1 and #425/$1 market price. So my question is will the eWallet site us the normal CBN exchange rate or the market price
Re: Confused About The Exchange Rate And The Market Price by Zdoh(m): 11:14pm On Sep 08, 2016
Market rate in a layman language.
Re: Confused About The Exchange Rate And The Market Price by arbitrage: 11:35pm On Sep 08, 2016
Sheyboy8:
I want to send $100 to someone in d US through these eWallet site Netteller bt when I checked the exchange rate I saw something like #310/$1 and #425/$1 market price. So my question is will the eWallet site us the normal CBN exchange rate or the market price

Some of the Nigerian banks have warned customers to always spend in the currency of the country you are visiting and not in Naira. Some even explained that if you spend in Naira (which is usually the lower official rate) on foreign merchant, you will still be settled at the bank's exchange rate, which is higher. In fact, anytime I chose the lower equivalent on ATM in June/July when I traveled, it was never successful until I chose to transact in the dollar equivalent displayed.
Re: Confused About The Exchange Rate And The Market Price by orlaryhincah(m): 2:49am On Sep 09, 2016
Sheyboy8:
I want to send $100 to someone in d US through these eWallet site Netteller bt when I checked the exchange rate I saw something like #310/$1 and #425/$1 market price. So my question is will the eWallet site us the normal CBN exchange rate or the market price

If you are using your NairaMasterCard to fund the eWallet then you will be charged above 380/$

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