It is quite worrisome and alarming that even though the official CBN rate for naira to dollar conversion is N197 to $1, most banks are charging far exorbitant rates than the prescribed rate even higher than the black markets.

I made a transaction on my GTBank account online and as at last week, they charged roughly N218 to $1. Today, I decided to try FCMB after getting dollar at the parallel market for N220. I was shocked to find out that I was charged almost N227 to $1. Haba, this is daylight robbery. Isn’t their any forms of checking the excesses of these banks. I mean, they have refused to accept dollars into domicilliary accounts, now they are charging far higher than the prescribed rate. I call on the CBN and EFCC to check the excesses of these banks.

cc: Lalasticlala, FOD, naijacutee

OK we don hear you we go look into the matter.

You are correct about this issue. I ordered for something that should not be more than 60,000 naira but I ended up paying over 80,000. Critical anyway.