i believe this is a topic we nigeria must treat seriously or else the bank are going to be taking us for a ride.
imagine Cbn selling dollar to the bank at the rate of 199 per dollar while bank in return will charge us at the rate of 301 or 300 per dollar when using your debit card to make transaction online

Nigeria let wake up and take this topic seriously because bank are not BDC but institution and they keep milking us this way
The best solution to this is to cry out and let the Cbn know what is happening so that the bank can be sanction for this

Corporate greed!

It so annoying.
This singular action from my bank almost ruined my shopping experience at DSF

I recently wrote about this issue on Ben Bruce facebook page, the banks are the major culprit of corruption. They are also responsible for the artificial rise in FX. How on earth would they be charging the same rates as the black market. Their must be a huge number of people benefiting from this lawless means. Its a shame! Nigerians should please condemn this act by the banks.

I am not sure the CBN sells dollars directly to banks arbitrarily.
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The dollars allocated to DMBs are based on customer requirements which the banks will have to show evidence (Form A & Form M) to the CBN. Such requirements include approved LCs, BTA, Medical bills, school fees, etc. So, all dollars given to banks by CBN already have pre-determined purposes.
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The bank is most likely sourcing extra dollars from independent & unconventional sources and will transfer this cost to the customer. If they do not do what they are doing now, then you may not even be able to use your cards for international payments because the banks won't have dollars to settle those transactions. Maybe then you will be begging to pay N350.
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The major problem I see here is when the banks are buying dollars from customers. They pay less than N197 and yet will sell that same dollars to another customer at N285. As long as the huge divergence exist between the official and black market rates, this arbitrage will continue.
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What the CBN needs to do is to devalue the official rate to anywhere between N230 - N250 and that will narrow the gap between the two markets. That might bring the black market rate to around N240 - N260. Pending that, the banks will continue their roundtripping and there's nothing you can do about it. Have you wondered why the CBN is not saying anything about the matter? Or do you think they are not aware?

Now craziest part is these banks buys it at around that N199

Please this should go on front page. This is daylight robbery by our banks.

I dont think they buy from CBN as its practice in Black markets....

i believe the Cbn knows about this but keep silent but we the masses should let the bank and Cbn know we are not going to keep quiet about this. Banks and Cbn work together and most of the dollar is source from CBN at the rate of N199,even if the bank want to gain it should not be more than N210 but to be charging us N300 and above is just to much.

PLS moderator get this to front page cause this is affecting most of us and we need to get the information out there

This is democracy and we need to voice out so that the government can find something to do fast to this day light robbery by the bank

I dont think they buy from CBN as its practice in Black markets..

So sad that we are being exploited!

Please is it possible to transfer dollars from one domiciliary account to another person's domiciliary account of same bank within Nigeria without extra charges?

Yes it is. It is easier if you have Internet banking.

Heamah:
Please is it possible to transfer dollars from one domiciliary account to another person's domiciliary account of same bank within Nigeria without extra charges?

A partner of mine made a payment with a Nigerian bank DOLLAR card(not naira) on a NAIRA website and the rate was 185.. Thieves

cc : lalasticlala ishilove seun

It is all about greed!

That is naija for you.
When GEJ was there, we called him weakling.
Today, we have GMB a fighter that has failed to call this corporate organization to order.
I am already searching for a leader that will protect our interest, because these past and present leaders have failed us BIG TIME.

I think we should protest this greedy act to the cbn by sending mails to them

Na wa ooo! This thing is becoming something else ooo

Is this not supposed to be on FP?. cc: lalasticlala naijacutee

space booked

beware of wailers...


Invoking the spirit of Lalasticlala

Hmmmmm... In Amaechi's voice. Its because we allow them.

FYI cbn is aware of that. Do u think the banks are foolish enough to dare Buhari after what he did to them regarding the adoption of single TSA? The more u look the less u see my brother. The only thing we can do is to pray for 2019 to come fast.

Banks sha

thunder wey go strike those ones still dey gym especially that "orange bank"

Blame GEJ

CBN can not claim ignorance of this. They are on it together.

Now person no fit even dare look pull card anyhow o.

I do not think banks can do that because they are bound by BOFID/BOFIA. Because of the following reasons:

CBN sells at N197.

Banks do not sell at N301 rather it is BDC that does that.

There is inter-bank rates and that is within N198-201.

It is the parallel market that is selling above N300. There reason is because Nigeria as a country has very poor exporting ability. Our major export is crude oil and there is bad market for it now.

The demand and supply economics theory is working too. Demand for dollar is high and supply is low, therefore price is high.

Nigeria=Corruption

wealthprod:
i believe this is a topic we nigeria must treat seriously or else the bank are going to be taking us for a ride.
imagine Cbn selling dollar to the bank at the rate of 199 per dollar while bank in return will charge us at the rate of 301 or 300 per dollar when using your debit card to make transaction online

Nigeria let wake up and take this topic seriously because bank are not BDC but institution and they keep milking us this way
The best solution to this is to cry out and let the Cbn know what is happening so that the bank can be sanction for this

Did CBN told you that they are not aware

I registered a domain name last week, i was expecting them to deduct 1990 from my account by but the corporate thieves deducted 2500 for the transaction...