₦airaland Forum

Ymodulus:
Access Bank

11:35am Today

245 / $1. Limit $1000. I used it all

$1000/day

I think this update should stop

Where does he stay? My car got ignition issues.

Harwoyeez:
u didn't get my point, street trading of forex creates more pressure because we have an official rate and parallel market rate which shouldn't be, all forex transactns will av to go tru bdc's and bank. Op u understand

Does it matter where tomato is sold? Whether in the shop or the market? Will it change the demand for tomato? If the customers can't find it in the shop, they go to the market. The pressure remains the same.

This cbn move is childish. Makes it look like those that buy on the street can't find their way to BDC. Buying on street is just for convenience, nothing else.

fadhill:
Nairaland economists, you should be sure that the economists and risk analyst at the CBN knows what they are doing. But we need to learn from the Greek missteps. If Naira is allow to ride self in the situation it found self. Naira ha been a maltreated orphan that needs serious protection from CBN. Foreign reserve has been deflated by previous government and no domestic strength either in the form of manufacturing and so much loopholes in government pockets. Again, recurrent expenditure has been on the loose even when crude sell above 100 dollars. I repeat, if CBN should make the battered orphan called Naira war it on its own. Ours will be worse than Greek. The implication that Naira will be taken as hostage and we will loose it as it happens in Zimbabwe. Thanks Emefiele and his team. I expected Naira should be in the range of N650 to a dollar this was my prediction had Jonathan is reelected. Also, the budget need spend so much on infrastructure which will be driven by Naira. Of course inflation but Nigeria will rebuild it's economy gradually. And Naira claim it's place in global economy.

The Greek is using Euro. The currency is still strong but their economy has collapsed. So what is your point?

Strong currency doesn't mean strong economy. Strong economy is brought about by investor confidence. This erratic polices will weaken the investor confidence and we may end up like Greece. FYI, Greek problem began when they started defaulting on loans, both lenders and and investors lost confidence in them and they went down.

egbonnla:
It is rather sad that the CBN Governor who is suppose to know better is taking strange decisions that are based on the PMB's body language in order to retain his job. PMB is interested in practicing a form of social economy system that may favour the common people on the short run. But the fact is that on the long run the economy will collapsed and everybody will become poor and PMB will become unpopular. Emir Sanusi stated more than a month ago that PMB needs help on . I will just enumerate few:

1.Falling oil price and 2016 budget

The reality is that our earning from oil will decline through next year. I found it strange that this fact was not taken care of in 2016 budget. As at today oil price has fallen below our budgeted projections for 2016 and there is possibility that it will fall further. It would have been realistic to put the oil price budget bench mark at 20usd per barrel. Considering our dwindling revenue, N6trillion budget is not feasible. I know some people will say recovered money from looters will augment the shortfall. This is laughable as we will be shocked that a larger per cent of the looted funds are not recoverable.

2. Oil Subsidy Payments

PMB has been advised by renowned economists like Soludo, Sanusi and Rewanne to remove oil subsidy but he is not favourable dispose to oil subsidy removal. The result, over N500Billion was recently paid to oil marketers. We still have fuel queues and Government is still owing oil marketers! Why is Nigeria still paying subsidies on oil? Imagine what N500Billion will do to building long lasting infrastructures that will provide more jobs and benefit the common people on the long run? The reality on ground is that Government cannot even sustain subsidy payments.

3. Devaluation of Naira
The CBN Governor knows better. He is only playing to the gallery. Despite his hype interventions, the dollar is exchanging for N260 as at today. Investors are shying away from Nigeria. Millions of jobs will be lost in coming months. Our foreign reserves is being depleted and inflation is increasing. Obviously CBN interventions are not working!

4. N5000 Stipends to the unemployed
I will only quote this proverb: Give a man fish,he will eat fish for a day. Teach him how to fish he will eat fish forever.
Finally I have a feeling that like GEJ, PMB is gradually being caged by selfish individuals who are bent on misleading him for their selfish interests. It is important that we realised that PMB is mortal. He needs our prayers and constructive criticism. We don't have to shout Sai Buhari even when things are going wrong....

The best comment so far on this thread.

Emefiele is only interested in saving his job. He knows the right thing but he is too afraid to do it.

1freshdude:
What about essential goods? What alternatives will people seek? what is the alternative to electricity generating sets? what is the alternative to household appliances? what will the country consume? explain please.

The alternative to electric generating set is that you stay without it. I mean you light your candle and save us some forex

The alternative to appliances like tv set is that you buy a tokunbo 14 inches tv and forget about plasma Alternative plenty bro.

The essential materials ought to be industrial raw materials, medical equipment and drugs and some food items.

Seun:
Lately, I just feel so sad whenever I read about anything the CBN is doing. I feel as if Nigeria is turning into Argentina, Greece, or Zimbabwe.

Oga Seun thank you for understanding. Funny enough most people here won't.

The CBN is creating unnecessary panic. Nothing kills an economy faster than panic and uncertainty.

Emiefele is a confused man. I am patiently waiting for his sack


What difference does it make to close branches when the head office is still operational?

Ever confused CBN.

Nawa ooo!!!

People no dey fear again

They can upgrade to Islamic caliphate for all I care..

Na video shoot truly.

Na today man u begin to dey loose match

oluwaahmed:
If weak currency is not a sign of weak economy, den what is? Is d currency strength not a function of d purchasin power of its citizens? If smetin u bot 70 usd last week @ 150 naira(10,500) now sells 60usd @ 250 ow much wld it be
Just insult d guy and stop tryin 2 act intelligent

Weak currency is not a sign of weak economy. Pounds is stronger that dollar but US has a better economy than UK.


It is misconceptions like this that is stopping the cbn from devaluing the naira and hence causing more damage.

NaLaugh:
Enlighten me, oh dear professor.

Lol, I am no prof bro

The problem is that the cbn cannot sustain the 199 rate due to the decline in our forex earning. If they sell to everybody at that rate, our foreign reserve will burn out. So they have to hoard the dollar and come up with different policies that will limit peoples access to dollar. The more they do that, the more the black market price increase. On the economics of supply and demand, the black market price represents the real price.

The cbn has no choice than devalue the naira to the black market price, so that whomever that wants and can afford the dollar will have an easy access to it. This will bring stability and confidence to the economy.

But they won't do it because they are afraid most Nigerians including the government itself won't understand why they have to do it.

NaLaugh:
Each time I see one these "Naira Crashes" topics on Nairaland, I rush to check the official rate, to see if it's a sweet time to send cash to Naija.

But it is ALWAYS hovering at the same $1 = 199.05. Other than the very few people in Nigeria who have to make payments in USD for visas and such, I don't see how the "black market" rates are relevant to average Nigerians.

These fluctuations at the "black market" are only driven by arbitration done by people running that market.
It has zero reflection on the strengths or weaknesses of the Naira. ONLY an official change in the exchange rate signals that.

At this moment, the official exchange rate remains $1 = 199.05.

Comments like this make me laugh...bro, you know nothing about this.

Papertrail11:
if yu wanna make dollar reduce and help the economy cancel that nonsense called bureau the changi simple......

banks are selln for 199 yu guys are selln for 260 una dey crasee..... every normal person who needs dollar ought to go the bank and easily get it but yu guys create some kind of artificial increase nd help fiance money laundering....and stuff.....if normal pple went to bank an bureau the changi is cancelled pple who do not necessarily need it wont rush to buy it......I dont know if sm1 is feeln me here just d way I see it

Don't discuss something you know nothing about.

who told you banks are selling at 199?

Ymodulus:
Access is still 225. Very sure.


Beside all you posted above does not mean.

Mayorall posted this, maybe you should tell him he photoshoped it.

In as much we wish this thread is not monitored, the change pattern suggests it is.

Konnektions146:
Just as some said, taking this off here wont make any meaning, banks wanna stay competitive so to say, for some reasons, they hike price to make more money and i really cant get my head around it but i know the bank rates on cards is not dependent on what they see here.

Don't forget the R& of banks make research and get their info.

NIgerians use cards daily and ask me the % number of users that are on this forum and actually follow this thread--- a little fraction.

lets just forget this and move on as it comes, hoping CBN relaxes some policies that would favour us.

Cheers

You probably have not being following this thread closely.


Firstbank visa card was N200 for months. Two days after the news got here, the rate changed.

Skye was 215, few days after the news got here, their limits was slashed too 100 dollar per day.

Gtb was 220 after IBTC rose to 235. Few hours after the news got here, their rate became 230.

Somebody reminded us here that access is still 225, few hours later we heard 255.

The pattern is that the low rate never changes until the news gets here. It is more than coincidence.

Ymodulus:
Even at that some banks can still single handedly make decisions of their own.

Stanbic maintains $2000 limit, buy gtbank says $300 and firatbank says $500. Ecobank is $100 @ 215 exchange rate. Skye bank is not more than N20,000 limit at 216.8, zenith is #228/ $1.

Sir do you still want to tell me that the cbn set all these rate Gtbank always lie that it's cbn decision to limit themselves to such rate and limit. It's nothing but lies.

Bank can compete among themselves, but they still make decisions single handedly, and this exchange rate is one.

cbn didn't set the rates. Most times they don't. It comes as an informal and undocumented agreement within the sector.

A banker friend told me how the banks came about the 0.1% charge on withdrawals from dormicialary accounts. He said they noticed that an importer in Aba can deposit 30,000usd in their Aba branch and come to Lagos the next day to withdraw it for a business trip. The money doesn't stay long in the bank and as a result do not benefit them. The banks had to come together and agree on 0.1% charge on every withdrawal from dormicialary account. At such times, one bank can't do it alone to avoid being blacklisted by customers, so they have to consult other banks to follow suit.

I believe something like this is happening presently in card forex. Cbn has not increased price, yet everyone is increasing price daily .

Ymodulus:
Every Organisation checkmate the performance of their competitor.

Every organization have a research department. It's just like telling Etisalat to set rate without knowing what mtn and airtel uses.

In their bid to get this they carry out their research, and like it or not the comment here does not contribute an inch to their decision.

To increase the rate of a bank Naira to dollar on their card platform, decisions are made and reviewed. No one employer does that.

Do you think bank decides limit just like that? Or set rate?

In all am trying to say that like it or not, there will still be an increase in rates to reflect the market realities on ground that's the strong point of any business move as the market moves.

I am of the opinion the update stays here.

The banking sector is not a perfectly competitive market as you think. Some rates are sometimes fixed across the banks to avoid negative competition.

Take for instance, a particular bank cannot just reduce interest rate just because it can. It must conform to the prevailing rate so others can remain in business. It is a tradition in the industry.


Updates here can be a platform for them to investigate and harmonise their rates. I don't see how an IBTC staff that new nothing about card rates can suddenly become daily updated on the rate of different banks.


It is a difficult situation here.

You want to sell some stuff?


I know that is the only reason you are here.

warrenweste:
Now I believe someone is here feeding back stanbi c. And other banks to increase their rates..

I said it ..and I know it.

Just check across in a matter of days, stanbic will be one of the lowest at 235.

He told me it is going to be that way, I doubted but now I beleive. All banks can't be moving up uniformly like that. It doesn't happen before now.

crestweon:
How much is UBA currently?

227/$

Only fools fall in love


....unfortunately I do.

Owerri is cool. I miss that town everyday. Clean environment with over 80% educated and reasonable people.


If you think Aba is bad, try Onitcha.

Someone give that woman food to eat

mavinc4u:
I knew from beginning and I said it here. That was why I refused to tell people about the bank am using that was charging N200 but now charges less than N200. This thread was created for good but as a Nigerian mentality have it, some of the bank staffs view this thread as to extort their customers more. Most of them had called me on phone just trying to get information about the bank I used but I refused to tell them.



Thank you for this dear, I stated this on the thread where op said firstbank visa prepaid card is charging N200 that I tried the card and I was charged N220 plus but one confused fellow on that thread was busy blabbing.

If what mployer said is true then it means that firstbank visa card was actually charging N200 but was changed to N220 plus
after the guy has contacted them; silly human.

Update

Just checked now and the person blabbing on the other thread is Mployer, how are we sure you are not one of them or probably the stanbic senior staff because I don't understand how you can be beating drum and dancing to it as well. Don't mind me but mavinc4u says it the way she sees it.


I am sorry to say that this thread has been hijacked for wrong intention other than for the purpose it was created so if you use any card and is N200 and below, please keep their name to yourself to avoid stories but if you want stories then you can spill their name.

Bro, I didn't make that post for you to believe. I know you won't.

I made it for for the person in question to know I am aware of what is happening. If I confront him he will deny it.

He is my friend. I went to meet him to thank him for low card rate from IBTC and also notify him about the delay in debit sms. We talked long and I told him IBTC was the lowest(200), followed by Access (208). My mistake was underestimating his influence in the bank.

We spoke on Sunday evening and by Monday morning IBTC became 207. Then later 212. I met him and asked him what happened. He said he doesn't know, but atleast they are still the lowest. Infact, he made a bet with me that they will still remain the lowest.

Over time IBTC has gothen to 220 and still one of the lowest. I am afraid IBTC may get to 230 and still remain the lowest.


like I said earlier, I don't expect anybody to believe. I want him to see this post. He will know I wrote it. He has frustrated my business and still doing same.

I am not bothered about IBTC increasing their rate, but manipulating other banks to keep IBTC lowest is what I don't like.

Hey Guys,
I know the person behind the bank exorbitant card rates. He is a senior staff at stanbic IBTC.

He monitors this thread, and notifies every bank that charges a lower rate. He tries to mobilize the banks to charge uniform rate of 220 and above. Infact he tells them the rate is 225 so stanbic will remain lowest at 220.


Wale pls this rubbish has to stop. Don't push people to the wall. I will post your contacts here if this doesn't stop

mavinc4u:
the card i used and abandoned because of their poor service, it is N215,4 not N204.44. when last did you use the card?

Stop distracting people. We already know firstbank charges 200 and skye charges 215. There is nothing you can do about it.

mavinc4u:
Op, come here. Did you just say firstbank is charging N200; I did a transaction and I was charged N220 plus. Anyway, I would wait till when it reflects on my account. Meanwhile my bank has stepped up from N150 to N180.

It is not up to 5 working days since he created this thread, so you don't have the card yet.


Stop distracting people.

Where is your office?