Nigerian banks have a way of cheating on the masses these days. For example, if you’re to receive money from Western Union, the amount will be received in naira here in Nigeria at the rate of 200 naira per dollar. But if you buy stuff online, the banks will charge close to N300 per dollar.

When you complain, they will say that it is inter-bank rate that is responsible for the low receipt in naira…

According to Vanguard News,

The Nigeria Economic Summit Group (NESG) has queried the 22 commercial banks over it describes as illegal fixing (cap) of the interbank foreign exchange rate. Among other things the group complained that the cap on the interbank foreign exchange rate is impacting negatively on member companies and contravenes the Foreign Exchange Act of 2004. The Group also alleged that the development is been exploited by some banks to engage in unethical practices such as extorting customers in a bid to maintain the stagnation.

Source: http://scarletnews.com/2016/04/11/cbn-local-banks-in-trouble-for-fleecing-nigerians/