₦airaland Forum

I'm currently on vacation and instead of changing Naira to Euro in Nigeria, I decided to use my GTB Mastercard when I reach my destination. This decision was based on the fact that my sister used her UK bank card in Nigeria and she got charged 300 Naira to a Pound. She used it to pay for Uber cab which charged her around 2900 Naira.

I was feeling sharp that it should be around the same exchange rate but to my surprise it wasn't even close.

I withdrew 10 Pounds last night and I got two text messages. One was a debit alert of 420 Naira. I saw commission and then I got another alert which I was eagerly waiting for which surprised me, more than surprised me, it was like a Muhammed Ali punch, I got charged 470 Naira to a Pound. I nearly died.

I don't know why it is so much. Banks in the UK don't charge this much, at least the one I saw personally charged 300 Naira to the Pound.

I'm so sad right now. No shopping for that's what it means. I can deal with 350 Naira to the Pound, but 470 is crazy.

I don't want to sound like a wailer but President Buhari has messed up the Naira. He promised one Naira to the Dollar but it's actually the opposite. Im very sad right now, very very.

How is it Buhari fault now.

Agimor:
How is it Buhari fault now.

Whose fault is it?

Bros you weh at all

That is the change right there, when next Nigerians hear change in 2019, they know what to do.

It's unfortunate.

Dreamwaker:
Whose fault is it?

Is it Buhari that determine the market force?

Are u serious? Did i just ask if it was buhari's fault? U know what its my fault or better still GEJ's

Agimor:
How is it Buhari fault now.

The real exchange rate according to you is a misconception


Banks are jacking up the exchange rates

U will see as zombies willl flee dis thread like Ebola Virus.

Wallai even hear in Uganda about this time last year 1 Nigerian naira was 17 ugandan shillings but right now 1 Nigerian naira is 10 ugandan shillings and sometimes even as low as 8 or 9

Agimor:
How is it Buhari fault now.

He pegged the naira to the dollar at 199, an exchange rate he could not defend.

Whatever exchange rate you have, you must have enough forex to supply at that rate. This the government can't do, forcing those unable to obtain at the official rate to dash to the black market making the rates crash there.

Buhari is not an economist and has no right dictating to the CBN which is supposed to be independent. The dollar shortages that has led to a recession will continue until the senseless and uneconomic peg is junked

I have been experiencing this same issue..I have a First Bank visa ATM card. The Canadian bank charge me #255.00 for one canadian dollar and Official it's #153.00 and the bank will charge another #420.00 for bank commission. If you go to the bank for dollar, they will say they dnt have and if u want to withdraw using your ATM, you will be charged higher than the normal official rate. God help us cos dis is getting too serious.

malailayi:
Wallai even hear in Uganda about this time last year 1 Nigerian naira was 17 ugandan shillings but right now 1 Nigerian naira is 10 ugandan shillings and sometimes even as low as 8 or 9

How is the Ugandan economy?

grandstar:
How is the Ugandan economy?

The Ugandan economy is stlii the same as it was last year, no progress or regress

grandstar:
He pegged the nails to the dollar at 199, an exchange rate he could not defend.

Whatever exchange rate you have, you must have enough forex to supply at that rate. This the government can't do, forcing those unable to obtain at the official rate to dash to the black market making the rates crash there.

Buhari is not an economist and has no right dictating to the CBN which is supposed to be independent. The dollar shortages that has led to a recession will continue until the senseless and uneconomic peg is junked

All I can say is that the exchange rate is determined by the forces of demand and supply and as nothing to do with Buhari. The exchange rate ( PRICE of dollars) is
determined primarily by SUPPLY of dollars
(through exports, FDIs, foreign borrowing, etc)
and DEMAND for dollars (through imports,
payments of foreign school fees/medical bills,
online purchases, etc). The NET flow of these
transactions determine the Balance of Payments
(BOP) account with the Central Bank. Elementary
economics tells us that when demand exceeds
supply, prices go up!

malailayi:
The Ugandan economy is stlii the same as it was last year, no progress or regress

Are u studying there or doing business there and do they like Nigerians?

Agimor:
All I can say is that the exchange rate is determined by the forces of demand and supply and as nothing to do with Buhari. The exchange rate ( PRICE of dollars) is
determined primarily by SUPPLY of dollars
(through exports, FDIs, foreign borrowing, etc)
and DEMAND for dollars (through imports,
payments of foreign school fees/medical bills,
online purchases, etc). The NET flow of these
transactions determine the Balance of Payments
(BOP) account with the Central Bank. Elementary
economics tells us that when demand exceeds
supply, prices go up!

We are saying the same thing. Buhari has rejected market forces and fixed the rate by fiat once in power. He has refused to allow the naira depreciate despite the loud cries from the market.

Curbing Nigerians from our lavish spending habbit instead of being innovative and productive.Also trying to turn every finance to digital world.Nigeria should adapt to the changes and be sincere to each other.This can be understand by the wish.

bizgenius1:
Are u studying there or doing business there and do they like Nigerians?

I am a student here , Nigerians are respected here , Ugandans are very nice people