When you ask some peeps to get some stuff for you from China, including freight forwarders, they tell you that $1=N168. But every other place i check, its $1=N162. I have checked with my bank, and virtually all the currency converter sites (with updated data) and they all say the current exchange rate is $1=N162.

China importers and freight forwarders, why is your own exchange rate different from the rest? Please i do not understand why its like this so i will be happy if one of you can explain please. Maybe there is something i do not know.

There was transfer charges Iincluded. Bank prices do not include transfers.

databoy247: When you ask some peeps to get some stuff for you from China, including freight forwarders, they tell you that $1=N168. But every other place i check, its $1=N162. I have checked with my bank, and virtually all the currency converter sites (with updated data) and they all say the current exchange rate is $1=N162.

China importers and freight forwarders, why is your own exchange rate different from the rest? Please i do not understand why its like this so i will be happy if one of you can explain please. Maybe there is something i do not know.

Shippers pay the airlines cash and with dollars not naira. Now many times I have gone to different banks to ask if they can change my naira to dollar for me but the reply I get is no. So please tell me where else you can get dollars to buy if not bureau d'change and our Hausa brothers? Guess how much they sell their dollars to you? Getting from our Hausa brothers is far easier but more expensive. Please next time when you have goods to clear and you are told to bring a certain amount in dollars, please make sure you take your dollar to them and you'll be fine. Look for where to buy dollar yourself and take it there instead of offering to pay the equivalent in naira.
Thanks.

eph12:
Shippers pay the airlines cash and with dollars not naira. Now many times I have gone to different banks to ask if they can change my naira to dollar for me but the reply I get is no. So please tell me where else you can get dollars to buy if not bureau d'change and our Hausa brothers? Guess how much they sell their dollars to you? Getting from our Hausa brothers is far easier but more expensive. Please next time when you have goods to clear and you are told to bring a certain amount in dollars, please make sure you take your dollar to them and you'll be fine. Look for where to buy dollar yourself and take it there instead of offering to pay the equivalent in naira.
Thanks.

Okay, but that explains why it's so with shippers. Now what about the importers themselves? If i come to you as an importer to maybe help me buy a TV and well all know you will place the order with probably your GTBank mastercard and i believe if there are chargers, it wont be much. Here there are no physical dollar payments so why now charge me $1=N168?

I have made payments using my GTbank mastercard severally (buying of domain names, etc) and the exchange rate isnt N168. So how do you guys explain this?

databoy247:

Okay, but that explains why it's so with shippers. Now what about the importers themselves? If i come to you as an importer to maybe help me buy a TV and well all know you will place the order with probably your GTBank mastercard and i believe if there are chargers, it wont be much. Here there are no physical dollar payments so why now charge me $1=N168?

I have made payments using my GTbank mastercard severally (buying of domain names, etc) and the exchange rate isnt N168. So how do you guys explain this?

Okay lemme explain it this way. Two weeks ago some people made some orders thru me and I charged them for 170/$ for shipping but when the goods came I couldn't see dollar to buy for that rate. I bought dollar at the rate of 174/$ throughout that period. Now I didn't go back to my clients to ask for more money because it would seem unprofessional. I bore that loss myself. My point is that a higher than normal exchange rate is charged so that there won't be any loss their side if dollar rises at that particular time they're paying for your goods. No business man would like to make loss over any business no matter how small it is.

I wish to know where you got dollar at N162 before I can know what happened. Are you believing website posting or you saw such transaction rate given somewhere? That must be old un-updated website and cannot be parallel market but CBN rate.

arbitrage: I wish to know where you got dollar at N162 before I can know what happened. Are you believing website posting or you saw such transaction rate given somewhere? That must be old un-updated website and cannot be parallel market but CBN rate.

How can i get an updated exchange rate data?

databoy247:

How can i get an updated exchange rate data?

By calling the bank's customer care daily or asking the BDC/mallam or like I post mine whenever asked. If you just want the world market rates (which may actually not be obtainable by individual buyer), check xe.com/ucc for the Universal Currrency Converter (UCC).

Hello Arbitrage, have you had any payment issues with your netspend card of recent? I tried to make a purchase somewhere but they cancelled my order - I am thinking it is because I sent them an email and they found out that it was sent from Nigeria...

arbitrage:

By calling the bank's customer care daily or asking the BDC/mallam or like I post mine whenever asked. If you just want the world market rates (which may actually not be obtainable by individual buyer), check xe.com/ucc for the Universal Currrency Converter (UCC).

arbitrage: I wish to know where you got dollar at N162 before I can know what happened. Are you believing website posting or you saw such transaction rate given somewhere? That must be old un-updated website and cannot be parallel market but CBN rate.

GBAM