Bevista:
*lol*. Sorry boss!

danbrowndmf:
Pinkbarbie... Got ban(ed) in celebrity & romance section till tommorow...you got torns of mail to reply. Kindly check your mail joor.

Bevista:
The CBN created that lacuna for commercial banks to exploit. I think the best bet right now is to get dollars yourself and pay into your domiciliary account. That way, the bank will give you back your exact dollars when you need it. But that will mean that you'll need a USD MasterCard for your online transactions. That might set you back $40 annually (card issuance/maintenance fee).

yimikaa:
Banks are making a lot of money from this roundtripping with the help of CBN.

They make dollar scarce on purpose so the parallel market rate will be high and they cut deals with the BDC operators. You'll always see mallams every morning at almost all banks especially GTBank.


^^^
It's wrong. Official rates is 199 the op should have been charged at that rate. CBN should sanction erring banks.

CBN should make rules and policies to make Naira VERY SCARCE and dollars in excess and watch the rate at which dollar at the parallel market will depreciate.

PinkBarbie:
Why were you banned?
So sorry o. Been so busy with work.

datigbogirl:
So you mean I can't get to do online transactions on my dom account with my Naira Mastercard?

Codedzng:
GTB still charge me More than the N198 per dollar. Why is it that GTB are not using the CBN approved rate of dollar after discontinue of BDC

theAtheist101:


I have also fallen victim of their scam. I have written them though. I hope they resolve our issue, because it might just be the end of our relationship. I would advise you to write them too instead of CBN. I don't blame them though, our network services, especially MTN, have become their role models.

Bevista:
Because GTB sources the dollars used to clear your transaction from the parallel market. Since the rate in the black market is high, you should expect your card transactions rate to be high.
---
Contrary to what you may think, CBN doesn't supply dollars to banks for such transactions any more. The only bank transactions that will be backed by CBN exchange rate are LCs for approved items, medical bills, school fees, etc.

francababy:
Stop lying. Or are you a gtbank staff? No bank sources Dollars from the parellel market. Do you know why banks stopped accepting dollar deposit? It was because there was excess dollars in the system at the time. So why would they go and buy when there is an excess? Stop lying. Gtbank charges N285 to make massive profit. Banks do not make money as they use to. This forex price gap allowed them to make money and lots of it. Gtbank is the king of this fraud.

Bevista:
Assuming that you are right and I'm wrong, can't you make your point without resorting to the use of derogatory words?
---
Have you considered the possibility that you might be wrong? Do you understand the dynamics of FX transactions in DMBs? Obviously, I will not join issues with you on the subject.

francababy:


Stop lying. Or are you a gtbank staff? No bank sources Dollars from the parellel market. Do you know why banks stopped accepting dollar deposit? It was because there was excess dollars in the system at the time. So why would they go and buy when there is an excess? Stop lying. Gtbank charges N285 to make massive profit. Banks do not make money as they use to. This forex price gap allowed them to make money and lots of it. Gtbank is the king of this fraud.

grandstar:
francababy he is right. Nigerians banks were owing hundreds of millions of dollars because CBN refused to supply them enough dollars. Buhari and Emefiele are ruining the economy.

theAtheist101:


If you are right, where does the black market get their dollar?

Cc Bevista

grandstar:
From nigerians returning from abroad, roundtripping by banks, money sent as cash to their loved ones etc. The major source may be roundtripping.. That anyway is the CBN fault because it refuses to devalue

theAtheist101:


If you are right, where does the black market get their dollar?

Cc Bevista

Bevista:
Having a strong Naira is not necessarily a positive. This will make imports cheaper thereby continuing to promote capital flight. What is important is for the Naira to be "appropriately priced" to reflect market realities.
---
The FG and the CBN should come up with Import Substitution policies & programs to encourage investment in local production facilities. Once we begin to import less, that will reduce the demand for dollars, thereby helping to strengthen the Naira. An even more ideal situation would be for us to export more, thereby earning more dollars into the country.
---
A combination of Exports & Import Substitution will definitely strengthen the Naira without the CBN having to take any extraordinary actions.

francababy:


Let's be logical here. Before the CBN announced recently that they will not give BDCs dollars any longer, The CBN only gave BDCs around $60,000 per week or less. How much do you think these BDCs change weekly? Only $60,000? Some change as much as $500k weekly depending on the volume and number of clients they get. Where do they get the extra $$$? They get from you and me. It is a simple buy and sell market. If you have dollars to sell, they buy from you. Then when someone who needs dollars comes around they sell your dollars to the person at a slightly higher price.