₦airaland Forum

Hello People,
I'm sure we all know that the current exchange rate for a Dollar to Naira is 199 Naira.
GTB seems to be charging me 270 Naira o.
I use my paypal account to pay for a serivce yesterday and now when I will receive the debit alert.
I saw I have been charged 270 Naira to one dollar because I sent a payment of $20 and I was charged 5,399.90 Naira.
What could have happened? Is there any other bank that their rates make more sense?

Please hlep.
Find attached below screenshot.

That's is the current exchange rate not #199 some banks even exchange at the rate higher than that...

Just thank ur stars that d money involved is just $20.
Im sure u for don get insomnia if say na like even $200 involved let alone higher figure..

wilsondave:
That's is the current exchange rate not #199 some banks even exchange at the rate higher than that...

heykims:
Just thank ur stars that d money involved is just $20.
Im sure u for don get insomnia if say na like even $200 involved let alone higher figure..

But why is this so sirs? The official exchange rate ought to be 199 Naira.
So how come banks are charging more?
I dont seen to understand.

That's what we called PARELLEL MARKET.

See them.... When you want to convert western union or domiciliary account dollar to Naira they will be looking for 270 now that they are paying naira for dollar they are looking for 199.

Lolz.. The forex issue in the country has affected banks as such banks cannot work at 199 even if that is the official rate. Banks are 260 270.

CBN is clueless on how to handle this. Parallel market is supposed to be for BDCs and local exchangers not banks. So sir I advice you obtain a dollar debit card. That's the way now

Strahovski:
See them.... When you want to convert western union or domiciliary account dollar to Naira they will be looking for 270 now that they are paying naira for dollar they are looking for 199.

Lolz.. The forex issue in the country has affected banks as such banks cannot work at 199 even if that is the official rate. Banks are 260 270.

CBN is clueless on how to handle this. Parallel market is supposed to be for BDCs and local exchangers not banks. So sir I advice you obtain a dollar debit card. That's the way now

Thank you so much sir.
How do I go about the dollar debit card? Because I am thinking that if I want to pay into the dollar debit card, wont they still charge me the same 270 Naira per dollar?

GreatManBee:
Thank you so much sir.
How do I go about the dollar debit card? Because I am thinking that if I want to pay into the dollar debit card, wont they still charge me the same 270 Naira per dollar?

You need a domiciliary account. And banks won't let you pay into the dollar card over the counter however I can transfer from mine to yours.

Strahovski:
You need a domiciliary account. And banks won't let you pay into the dollar card over the counter however I can transfer from mine to yours.

Oh great! I have a domiciliary account already. Why do they allow payment into the dollar card over the counter?

this is getting serious. Even banks are now charging more than bdc.

Cbn policy

GreatManBee:
Oh great! I have a domiciliary account already. Why do they allow payment into the dollar card over the counter?

So how can you assist me sir?

Strahovski:
Cbn policy

Guy .GTB is one of the lowest.if you use zenith bank.uba or firstbank.you will hate yourself.I stopped using my firstbank card.I am sure it will be 290 by now