Hello Nairaland guys,

GTBank has been cheating us and this has to come to an end! The official rate of naira/dollar keeps floating up but GTBank peg down their western union rate to 196.81!

If you walk into their office you get paid at this rate so also on their internet banking platform, even when the rate officially from CBN is 250N and above.

This is totally unfair and unacceptable and has to come to an end! Its a floating rate n GTB has to keep floating with it as well. enough of this 196 rate for so many months now.

Re you experiencing this as well?

They have been scamming me for months now with this hurtful rate.

Most Nigerian Banks are now into this unwholesome practice. They claim not to have any dollar on ground then buy from you @197 and sell for 270 when you use your Naira Debit Card.

Nigeria itself is a SCAM don be deceived and get use to it



Instead of complaining op u can put down your brain and find another way around it.

fbtowner:
Nigeria itself is a SCAM don be deceived and get use to it
Instead of complaining op u can put down your brain and find another way around it.

Brotherly,

This is all about scam and more than me putting my brain down and all that. Let me explain. I am a trader and anytime i need fast money from my trading account, the best way is to use Western Union. charges for money gram is too much.

And if i want to do normal withdrawal it takes 3-4days for the money to arrive in my bank and i wont be paid in dollars(CBN policy which is not too bad, as i sell it to people who need dollar in their dom accounts as well so i still get my 250 rate or so)

But the issue here is the western union payment rate.

How do you work around a western union payment? wanna learn.

Thanks

I will advice you to look for alternative means and tell whoever that is sending you money from abroad to stop. My best advise is to ask your friend and family members how they send money home and make sure that that family member has legal papers to live in that country, no legally sensible person is willing to put his documents in jeopardy.

Also look for Nigerians buying cars abroad who are willing to pay you naira for your dollars. Am sorry I do face to face, not to risk loosing my money at home.

Dear Op, you need to do a proper research. Official rate for dollar is 199. When you transact on Western union or money gram, they quote thier own rate which is somewhat around 186-197 depending on the market forces at the moment. Even at the point of sending the money, the sender already knows what the rate is and how much the receiver will get. However this will slightly change at the point of collection due to market forces. The 250 naira you quoted is the unofficial rate, which can only be used when trading on the streets/bdc's.

For me they used 270 for my last transaction of 500 dollars.

It was so annoying.

I had checked online for the official exchange rate and was expecting it to be 199 Naira.

It turned out to be 270 Naira Per Dollar.

Something needs to be done.

Not all transactions are Western Union based. Mine was payment for a service online.

There is no way to easily go around this.

Official Rate Is 199!!!!!

Not 250 Op

Official Rate and CBN rate is 199/$ withdrawal/receiving.
Bilateral rate is 270/$ is when you are using your ATM to buy/Purchase/pay on internet.

Simple!

I use to receive money through Western Union at ridiculous rates until a friend introduce me to Sabo-exchnage in USA. They will give you a better rate for your dollar. Call their Nigeria contact on +2349097331093 or USA 469 - 486 -3162

abhosts:
Most Nigerian Banks are now into this unwholesome practice. They claim not to have any dollar on ground then buy from you @197 and sell for 270 when you use your Naira Debit Card.

almost all Nigerian banks are doing this.. my banker keep on disturbing to sell my dollars...

THE CLUELESS CBN is the cause of this wahala...

There is no regulation to combat this broad day light robery. Our banks can only sell high when making payment online but still maintain the official cbn rate when selling to them. They pay you below 199 while they charge over 270. Its just not right.

Its broad day light robery