mercylicious:


Have u heard UBA have been banned from fx transactions cos of abuse? No money gram, western union , cards and dollar denominated transactions?

I am just getting to hear that now Mercy. Guess its a recent development but I doubt if this is true. If its true,thats Armageddon !

Our CBN is not known to wield the big stick,even when the infractions are obvious. They would rather give you a slap on the wrist by way of a little fine and life goes on.

Forex transactions is a money spinner for most banks at the moment,especially the ones with large retail banking network and foreign subsidiaries like UBA.Hence the reason you see them bombarding customers with countless adverts via emails,ATM etc to patronize their card products.They will suffer huge losses if they are banned, infact the CBN cannot even contemplate that,not with the very bad economic climate.Most of the banks made a huge amount of money within the 2nd half of last year through forex transactions and arbitrage - the game is still on at the moment even though the CBN has introduced some controls to checkmate their atrocious forex practices. Why do you think banks declared relatively healthy profits last year despite the economic downturn?

Question for all the banking gurus. Is it technically correct to say that the use of a naira denominated card (eg naira MasterCard) abroad is equivalent to spending the naira abroad ie 'exporting' the naira?

mega...

i dont think so, its like buying from the black market and taking abroad

megainvest:
Question for all the banking gurus. Is it technically correct to say that the use of a naira denominated card (eg naira MasterCard) abroad is equivalent to spending the naira abroad ie 'exporting' the naira?

Naira has little or no significance outside the shores of Nigeria and ECOWAS region.

When you make a transaction abroad with your naira card, the merchant/seller does not get paid in Naira,your bank debits your naira account and pays the merchant/seller the dollar equivalent of your transaction value.In essence, your bank has to source for dollars at the interbank market or elsewhere to settle your obligations.That is why some banks charge you some extra cash above the official rate for putting them through that "stress".

mercylicious:


Not because emir is from there. Nowadays u sell from ur inflow.fbn seem to receive the most dollar inflow that is why they have some to go round their customers. You need to see guys here reactivating their dormant fbn acnt.

Madam, you don dump Fidelity join FBNH?

mercylicious:


Have u heard UBA have been banned from fx transactions cos of abuse? No money gram, western union , cards and dollar denominated transactions?

Thank God. They were changing dollar and pound at very high rates.

ForcefullBULL:



Thank God. They were changing dollar and pound at very high rates.

UBA Naira to $ rate is Scam though lol

mercylicious:


Not because emir is from there. Nowadays u sell from ur inflow.fbn seem to receive the most dollar inflow that is why they have some to go round their customers. You need to see guys here reactivating their dormant fbn acnt.

Ok thanks for clarifying...it's just that last I tried at my bank, they said a cbn directive doesn't allow them sell...they can only buy from your dorm account

Then at the black market, one of the guys also complained the policy has made the supply low and with increased demand, the prices are higher in the black market.....well those are just hearsay..we hope Nigeria get the policies right to make the country better for everyone.

Kagame:


I dont think that is correct. All banks are allowed access to the FX market.

Okk.....seems they do only for the bigger boys tho

Kagame:


I am just getting to hear that now Mercy. Guess its a recent development but I doubt if this is true. If its true,thats Armageddon !

Our CBN is not known to wield the big stick,even when the infractions are obvious. They would rather give you a slap on the wrist by way of a little fine and life goes on.

Forex transactions is a money spinner for most banks at the moment,especially the ones with large retail banking network and foreign subsidiaries like UBA.Hence the reason you see them bombarding customers with countless adverts via emails,ATM etc to patronize their card products.They will suffer huge losses if they are banned, infact the CBN cannot even contemplate that,not with the very bad economic climate.Most of the banks made a huge amount of money within the 2nd half of last year through forex transactions and arbitrage - the game is still on at the moment even though the CBN has introduced some controls to checkmate their atrocious forex practices. Why do you think banks declared relatively healthy profits last year despite the economic downturn?

Kagame, I am very sure UBA was banned from fx transaction like cards, western union, moneygram cos of their abuse. I just didn't want to say it b4, cos I wanted you to confirm and post but I just have to now.
The ban was on even as at yesterday. If by chance the ban has been lifted, just know it was done today as I don't know what's up today.

Jist had it that lots of their customers were caught at the airport with multiple cards and the bank was incited.

9free:

Madam, you don dump Fidelity join FBNH?

Haha. By here, I meant Anambra traders. You know most of the business ppl here are import dependent. Most of the businesses are on hold as they don't know dollar direction.

Currently, most banks have disabled their naira visa card customers from accessing dollars with the card. You have to open dollar account, fund it yourself (from wherever- black mkt) before you can make dollar transaction abroad. I think its even a CBN directive

I talk say na trap.


Still observing..

mercylicious:


Kagame, I am very sure UBA was banned from fx transaction like cards, western union, moneygram cos of their abuse. I just didn't want to say it b4, cos I wanted you to confirm and post but I just have to now.
The ban was on even as at yesterday. If by chance the ban has been lifted, just know it was done today as I don't know what's up today.

Jist had it that lots of their customers were caught at the airport with multiple cards and the bank was incited.

Mercy Im inclined to believe this your gist oh. I don't use UBA so I wouldn't know the current situation. I doubted earlier cos I couldn't imagine the CBN taking on the banks and slamming them with such a hefty ban.

Its either the CBN has grown some balls or the offence is too grave to be ignored. Interesting times ahead.

Any Investment Banker here


Please indicate, it's urgent.

myjoy08:



UBA Naira to $ rate is Scam though lol

GTBank is WORSE!!! StanbicIBTC is the only bank still performing Naira/Dollar transactions at 199.5. The rest are having a filled day ripping customers off.

Processor01:


GTBank is WORSE!!! StanbicIBTC is the only bank still performing Naira/Dollar transactions at 199.5. The rest are having a field day ripping customers off.

These are the banks that are reasonable when it comes to forex...

Stanbic
Standard chartered
Fidelity
keystone sometimes.

Others are just driving high on unreasonable and unwarranted impulses. GTbank and UBA are the worst among them all.

myjoy08:


These are the banks that are reasonable when it comes to forex...

Stanbic
Standard chartered
Fidelity
keystone sometimes.

Others are just driving high on unreasonable and unwarranted impulses. GTbank and UBA are the worst among them all.

My brother, GTbank is the Devil himself when it comes to forex oh. I don't know of UBA and I pray not to have anything to do with them excerpt buying the shares @ N1 if I see am.
My last forex transaction with Ecobank was @N216/$ and I still dey cry seeing cheaper rates from Stanbic.

9free:

My brother, GTbank is the Devil himself when it comes to forex oh. I don't know of UBA and I pray not to have anything to do with them excerpt buying the shares @ N1 if I see am.
My last forex transaction with Ecobank was @N216/$ and I still dey cry seeing cheaper rates from Stanbic.

Naa so sir. Don't even try UBA...lol. I know the bank to deal with when it comes to paying for goods (not banned from CBN forex policy though) abroad

No body talk s of DIAMOND BANK here. madam Mercilous since your in anambra state,let's meet

ogbs2020love:
No body talk s of DIAMOND BANK here. madam Mercilous since your in anambra state,let's meet

na wa for you o bros!

me wey dey Anambra nko? any diamonds for me too? or na only Madam mercy waka come Anambra?

Uba is fraud

GTB is not fair to customers when it comes to forex. Their rate is always hyper-inflated.

Youngzedd:




I have three banks in mind.

FBNH, ZENITH AND FCMB

No bro, Zenith is not included.

Pls has sterling bank release its first half result?
Thank you

Manonamission:


No bro, Zenith is not included.

Even if zenith hasnt been axed,zenith is part of fx currency round ripping cartel.
i just love stanbic for what it is and what they are doing as for fx.

UNITY BANK...



http://www.nse.com.ng/Financial_NewsDocs/10321_UNITY_BANK_-_HALF-YEAR_JUNE_2015_FINANCIAL_STATEMENTS_JULY_2015.pdf

myjoy08:
UNITY BANK...



http://www.nse.com.ng/Financial_NewsDocs/10321_UNITY_BANK_-_HALF-YEAR_JUNE_2015_FINANCIAL_STATEMENTS_JULY_2015.pdf

sell buy or hold ?

Unity bank is good nah.

myjoy08:


These are the banks that are reasonable when it comes to forex...

Stanbic
Standard chartered
Fidelity
keystone sometimes.

Others are just driving high on unreasonable and unwarranted impulses. GTbank and UBA are the worst among them all.

You are very right about your top picks . enterprise bank is there too.

Presco result came out on 23rd.
Any evaluation?

myjoy08:
UNITY BANK...



http://www.nse.com.ng/Financial_NewsDocs/10321_UNITY_BANK_-_HALF-YEAR_JUNE_2015_FINANCIAL_STATEMENTS_JULY_2015.pdf

@MyJoy08, Your Unity Bank is here, any news from the Cave ??