I only have 2,000 naira on my zenith bank account and i made a 5 dollar transaction only to be charged 1700 naira.
This implies that zenith bank sold each dollar at the rate of 350 NAIRA.
Yet, the central bank sells dollar to these banks at the rate of 190-199.

This is crazy and greedy!!!!

Terrible

magicminister:
I only have 2,000 naira on my zenith bank account and i made a 5 dollar transaction only to be charged 1700 naira.
This implies that zenith bank sold each dollar at the rate of 350 NAIRA.
Yet, the central bank sells dollar to these banks at the rate of 190-199.

This is crazy and greedy!!!!

CBN doesnt sell dollars to banks anymore, zenith got your dollars from the blackmarket.

BADNEAT:
Terrible

as in eh, the thing just weak me!!
No be me spoil naija naah... haba!

lord save us

obailala:
CBN doesnt sell dollars to banks anymore, zenith got your dollars from the blackmarket.

Really??
so, the cbn sell to the black market in order for the banks to buy from the black market!!...
tell me somechin!!

magicminister:
I only have 2,000 naira on my zenith bank account and i made a 5 dollar transaction only to be charged 1700 naira.
This implies that zenith bank sold each dollar at the rate of 350 NAIRA.
Yet, the central bank sells dollar to these banks at the rate of 190-199.

This is crazy and greedy!!!!

It's changi !

obailala:
CBN doesnt sell dollars to banks anymore, zenith got your dollars from the blackmarket.

besides, i heard cbn stopped selling to bdc's.
so, if they don't sell to bdc's and banks, biko who dey deplete our reserves??

i know its not me and my 5 dollar transaction sha.

Mckennedy:


It's changi !

this changi no follow at all at all....

chaiiiii... so is this how i went from thousandnaire to hundrednaire on my zenith account!!

Op according to your closing balance,


YOU ARE BROKE

is this not legalised CORRUPTION

tolugar:
Op according to your closing balance,


YOU ARE BROKE

Wonders shall never end!!...

Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

magicminister:


besides, i heard cbn stopped selling to bdc's.
so, if they don't sell to bdc's and banks, biko who dey deplete our reserves??

i know its not me and my 5 dollar transaction sha.

magicminister:


Really??
so, the cbn sell to the black market in order for the banks to buy from the black market!!...
tell me somechin!!

Who dey deplete our reserves?... it is you and I who prefer to buy 'made in UK' handkerchief with $5 instead of the one made in Aba for N50.

The nation is presently suffering from what is termed a 'negative balance of trade'. Before now, let's assume the total amount of forex leaving Nigeria per month was $10billion (this amount includes money spent importing fuel, food, clothes, foreign school and medical fees, you $5 handkerchief etc), this forex outflow of $10bn is balanced by a forex inflow of $10bn or more mainly from oil sales. Today the proceeds from oil sales has fallen by 70%, but our taste for foreign goods has obviously not changed. So today we are getting inflow of only $3bn but still spending $10bn. This is the negative balance of trade which is reducing the reserves.

To manage this crisis and prevent reserves from reaching zero, cbn has totally stopped releasing forex to banks and BDCs which help people like yourself who want to buy a mere handkerchief; except you can prove that you want to purchase an essential commodity like import fuel or rice etc, the cbn will not release its scarce forex to you. So the forex which your bank sold to you for N350 was not gotten from cbn, it was from the blackmarket. The blackmarket guys get their forex from diverse sources (including raw cash from people who return from diaspora). The scarcity of forex in the open market is the reason why it sells for up to N350 or N400.

Cc: olamonsor2

Ximonak:
is this not legalised CORRUPTION

this is pure greed.
This dollar thing will make some overnight billionaires in nigeria.
anyway, its not my fault i am a citizen of one of the most wickedly corrupt country on earth!

obailala:

Who dey deplete our reserves?... it is you and I who prefer to buy 'made in UK' handkerchief with $5 instead of the one made in Aba for N50.

The nation is presently suffering from what is termed a 'negative balance of trade'. Before now, let's assume the total amount of forex leaving Nigeria per month was $10billion (this amount includes money spent importing fuel, food, clothes, foreign school and medical fees, you $5 handkerchief etc), this forex outflow of $10bn is balanced by a forex inflow of $10bn or more mainly from oil sales. Today the proceeds from oil sales has fallen by 70%, but our taste for foreign goods has obviously not changed. So today we are getting inflow of only $3bn but still spending $10. This is the negative balance of trade which is reducing the reserves. To solve this crisis and prevent reserves from reaching zero, cbn has totally stopped releasing forex to banks and BDCs to help people like yourself who want to buy a mere handkerchief; except you can prove that you want to purchase an essential commodity like import fuel or rice etc, the cbn will not release its scarce forex to you. So the forex which your bank sold to you for N350 was not gotten from cbn, it was from the blackmarket.

you are high and stupid at the same time.
First of all, the 5 dollar payment i made was in order to recharge an app on my phone called boss revolution. If there was a cheaper alternative from Nigeria, i would gladly be using it.

Besides, while other countries are investing heavily in their education and health sector, we are trying to thwart the dreams of those schooling abroad and asking them to school in Nigeria while 99.9999% of the children of the political elites are schooling abroad.
For crying out loud, some of the biggest successes from Nigeria were all trained abroad.

I would recommend that the government creates attractive incentives to bring back our best brains schooling and working outside the country.

olamonsor2:
Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

i am sorry maine.
it is the situation we have found ourselves.
Yet, buhari will fly around the world and buy bmw worth billions of dollars!

magicminister:

you are high and stupid at the same time.
First of all, the 5 dollar payment i made was in order to recharge an app on my phone called boss revolution. If there was a cheaper alternative from Nigeria, i would gladly be using it.
Besides, while other countries are investing heavily in their education and health sector, we are trying to thwart the dreams of those schooling abroad and asking them to school in Nigeria while 99.9999% of the children of the political elites are schooling abroad.
For crying out loud, some of the biggest successes from Nigeria were all trained abroad.
I would recommend that the government creates attractive incentives to bring back our best brains schooling and working outside the country.

I was only explaining using simple terms; the handkerchief example was only for illustrative purposes and I wasnt expecting such an immature response especially on a sunday morning.

obailala:
I was only explaining using simple terms; the handkerchief example was only for illustrative purposes and I wasnt expecting such an immature response especially on a sunday morning.

no vex...
i was already fuming at the loss of my 1,700 Naira.
Abi u no see my account balance??
Abeg no even make me vex more loool!!

magicminister:
I only have 2,000 naira on my zenith bank account and i made a 5 dollar transaction only to be charged 1700 naira.
This implies that zenith bank sold each dollar at the rate of 350 NAIRA.
Yet, the central bank sells dollar to these banks at the rate of 190-199.

This is crazy and greedy!!!!

welcome to nigeria

this country don tire me... i feel like to pass root enter europe make i go claim asylum

The layman in the street can still derive some advantage from this if you are have an online business that generates money for you. In the past we online marketers use to be branded names. Now that the profit margin from businesses has tilted, everybody is now rushing in to quickly milk the situation. Those who'll complain will complain, those who are wise will play wise. Like some pastors would say; when they say there is a casting down, you are saying there's a lifting up.

magicminister:


no vex...
i was already fuming at the loss of my 1,700 Naira.
Abi u no see my account balance??
Abeg no even make me vex more loool!!

Its okay.
The fact is that if we have a full understanding of the current situation of things, we would understand it has nothing to do with buhari. A man who earns 100k and finds it hard to feed his 5 children, imagine what will happen when his salary is cut to 30k? I'm sure you would agree with me that such a man would hoard the little he has to ensure the house doesnt run out of food (every other need would be termed 'luxury' and would be made to wait).

Now there is a major scarcity of forex in the country ocassioned by the fall in oil prices. The cbn is simply hoarding the few dollars it has to ensure we would have just sufficient to meet what it terms 'essential commodities' such as petrol, food and raw materials. Buhari is not trying to force anyone not to go to school abroad, it is the economic situation of the time that has led to this and the cbn thinks that food is more important than foreign school fees. Can you imagine the humanitarian crisis that would bedevil the nation if forex reserves run down to zero?... no fuel, no food.

obailala:
I was only explaining using simple terms; the handkerchief example was only for illustrative purposes and I wasnt expecting such an immature response especially on a sunday morning.

it's a huge problem. Most times when you guys talk like this, it's just as if NIGERIA has readily available alternatives.

What is the government doing to encourage local production of varying products and services? NOTHING!

I for one would love to change the meat industry in Nigeria but I can't get the help I need. I had to apply to an organization for grants and I just hope I win the grant.

If we had 1000 of a dangote, Nigeria will be far better than it it's today. If the monies stolen were used to build industries,Nigeria will be leading.

It's simple yet these leaders just make it hard. Sometimes I ask whether it's pure wickedness or outright ignorance.

Zenith charged me 503 naira to a pound yesterday. I was shocked. Not doing any transaction using my local card card for now.

You guys should understand your bank gets dollars from the black market so dont expect 199.

All d commercial banks are doing this thing.
They are all thieves..and CBN aint talking.
Commercial banks in Nigeria are exploiting customers like 419

coolsix:
You guys should understand your bank gets dollars from the black market so dont expect 199.

What do u mean?

I withdrew $100 with my us bank mastercard and got N186 per $ equivalent on skybank ATM and I was furious..so I decided to use my skybank ATM to make a payment via paypal to confirm if they sell at the same rate..guess what the bank sold to me @N290 per dollar the same day.

That's exploitation. The difference btw buy and sell should not exceed N10.

olamonsor2:
Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

UBA is the worst(est) bank in the whole world. They rob you without pity. OP you should be grateful with your bank. If that transaction was done with UBA you might be owing them some balance. PLEASE STAY AWAY FROM UBA.

olamonsor2:
Bro, sometimes in January I paid to Alabama university, ($60) uba deducted 17,625. I burst into tears.. To be sincere, I have loose hope in this government .

People like you should be flogged,


Months Back you opened this tread

Reasons Why Nigerians Must Reject Jonathan And The Pdp.... by
olamonsor2 : 3:45pm On Mar 11 , 2015

www.nairaland.com/2190893/reasons-why-nigerians-must-reject


You rejected 200 per dollars then and now it affecting you 350naira per dollar and ur saying ur loosing hope on which government, If I hear

If u ever open ur mouth again on this govt u will be flogged

Sharrrap and move on.

And someone with brains will actually say it's wrong for a Nigerian to go and school Abroad. are u drunk?... dia r millions of courses that r not offered in Nigerian universities. will u sch in nigeria all because u wantu look righteous.. u r drunk!!!

juwoonn:

What do u mean?

I withdrew $100 with my us bank mastercard and got N186 per $ equivalent on skybank ATM and I was furious..so I decided to use my skybank ATM to make a payment via paypal to confirm if they sell at the same rate..guess what the bank sold to me @N290 per dollar the same day.

That's exploitation. The difference btw buy and sell should not exceed N10.

Why would you withdraw with your U.S Bank MasterCard here in Nigeria?