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Commercial Banks Dollar To Naira Rate Is Alarming - Investment - Nairaland

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Commercial Banks Dollar To Naira Rate Is Alarming by Akorkor(f): 1:23pm On Feb 01, 2016
Dear Nairalanders,

I actually don't know the exact section to put this topic but moderator can assist to move it to necessary section.

I don't know why my bank (GTB) dollar to Naira rate is #285 to $1. I got to know this when i made inquiry via their chat method because i wanted to use my ATM to buy things on US site with my Naira master card.
Please what is actually happening? I thought the official rate of Dollar is still #199. Why is GTB selling at 285?

Economist or bankers in the house, kindly explain to me because i don't understand this anymore.

Please share your own bank exchange rate. CBN should do something about this
Re: Commercial Banks Dollar To Naira Rate Is Alarming by Donald3d(m): 1:39pm On Feb 01, 2016
Akorkor:
Dear Nairalanders,

I actually don't know the exact section to put this topic but moderator can assist to move it to necessary section.

I don't know why GTB dollar to Naira rate is #285 to $1. I got to know this when i made inquiry via their chat method because i wanted to use my ATM to buy things on US site with my Naira master card.
Please what is actually happening? I thought the official rate of Dollar is still #199. Why is GTB selling at 285?

Economist or bankers in the house, kindly explain to me because i don't understand this anymore
Thats the way it is bro, i doubt if any bank's exchange rate is below 270 Naira, i dont know the "deep" reasons for this, but someone here on Nairaland said sometime ago that banks also purchase from black market or something like that that's why its that expensive.
Re: Commercial Banks Dollar To Naira Rate Is Alarming by dazzlingd(m): 1:47pm On Feb 01, 2016
Why emphasising Gtbank wen it's all banks in Nigeria? watch how u mention names of organisations,u too might run one someday
Re: Commercial Banks Dollar To Naira Rate Is Alarming by dazzlingd(m): 1:47pm On Feb 01, 2016
Why emphasising Gtbank wen it's all banks in Nigeria? watch how u mention names of organisations,u too might run one someday
Re: Commercial Banks Dollar To Naira Rate Is Alarming by Akorkor(f): 1:51pm On Feb 01, 2016
dazzlingd:
Why emphasising Gtbank wen it's all banks in Nigeria?
watch how u mention names of organisations,u too might run one someday

Well, i am emphasizing on GTB because that is where i bank and i dont know about other banks.

So my question to you is; is it the same thing that happens in other commercial banks and why this?

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