The current rate all over the market when i did a google search is between 162 - 163
but my bank (GTBank) charged me for an online order at the rate of 165.8
any explanation to this?

Also, since my funds is usually blocked at the point of placing orders, shouldn't the rate at the time of order be used
rather than the current rate at the time the merchant comes for the money.

I understand there is a month window for merchants to claim funds, what of scenarios when the rate has changed dramatically over the course of a month, I think it will be wrong for me to pay for the difference simply because a merchant refused to pull their money on time.

thanks in advance

59 view, 0 comment. na wa o

Wetin ops dey talk sef?

isn't this business section?

My guess is that the current N162/163 market rate will be what CBN gives to all whereas the GTB, as a BDC licensee, sells to its customers (through card usage) N165.8 rate. As touching the block out of amount expended on your card till merchant claims the money, I don't think the amount (therefore the rate) that bank holds out of your balance changes till the day merchant claims the fund. Meaning that the rate of the date of purchase is still being used and not the day of claim.