₦airaland Forum

I have to purchase something inlline but GTB charged me 300 naira to a dollar. I was mad. I knew they sell back at less than 200. Pls which bank debit is cheaper? Thanks

myweb:
I have to purchase something inlline but GTB charged me 300 naira to a dollar. I was mad. I knew they sell back at less than 200. Pls which bank debit is cheaper? Thanks

This is the reason why

TheFreeOne:
Autonomous Sources Control Prices of Dollars In Banks, BDCs – CBN

The Central Bank of Nigeria (CBN) says autonomous sources such as exporters and correspondent banks now control the price of dollars in banks and the Bureau de Change (BDC) segment.

The Director, Corporate Communications, Mr Mu’azu Ibrahim, stated this in an interview on Friday in Abuja that customers would also find Forex expensive in the banks or while using their debit cards abroad because the Forex got by banks from the CBN was not sufficient for all transactions.

He explained that for this reason, banks reserved the Forex they got for developmental transactions, especially to manufacturers looking to import necessary materials to aid the real sectors of the economy.

http://www.nta.ng/2016/02/19/autonomous-sources-control-prices-of-dollars-in-banks-bdcs-cbn/

I guess what you paid for was not going to aid the growth of the real sector of the economy hence the sale of the dollar to you at the black market price.