I made a purchase of $190.96 (lets just say One Hundred and Ninety One dollars) yesterday using my Zenith bank card. An hour later, I got an email alert informing me of the deduction of N76,021.81 (yes, Seventy Six Thousand, Twenty One Naira, Eighty One Kobo!).

I did a quick calculation and, Lord of Lords, the exchange rate is N398.1 / $1. I went online to confirm the current black market rate. It’s N317/$1. Official rate remains at N199/$1. So, in essence, Zenith Bank is charging me N199 above the official rate and N81 above the black market rate.

Hear the explanation I was given when I complained - “Please note that funds for the referenced transaction have not been settled but currently on hold and waiting merchant presentment for settlement. This hold includes an ADDITIONAL FUNDS (emphasis mine) placed along the original amounts to carter for rate change on the day of settlement.” In essence, Zenith Bank is edging its bet and speculating that the exchange rate might go way high.

Of course I didn’t buy into the gibberish. Several reasons: 1] It’s a debit card, not a credit card so the rate on the day of purchase should apply. After all, if the rate had been N398/$ yesterday, my buying decision could have been way different or I could have used a different payment platform instead of Zenith’s card. 2] There was no notification of this “new” policy 3] The deducted amount is arbitrary – it could well have been N100,000 or anything 4] The deduction is not in escrow so there is no assurance that I would get it back (infact, the bank will be hoping I never bring it).

By the way, I used my GTBank card for another purchase and got an exchange rate of N298/$1. So clearly this is not industry wide. Someone at Zenith Bank has simply decided to take advantage of a lax regulatory environment to perpetrate a most dubious transaction.

Zenith Bank, please refund my money!!!

By Chris Adetayo

I used my Zenith Bank Card Some days ago and I was Billed @ 297 when the Payment was settled. The 398 is not the actual rate.

This is ridiculous http://tipsdome.com/how-to-report-your-bank-to-central-bank-of-nigeria/

you will be refunded in a matter of days. same happened to me.

You need to take this to a page of widely read newspaper with your evidence,also forward a complaint to CBN(email address on their website) to take appropriate action,the earlier the better,Nigeria a country where people take advantage of others to make money,rubbish