Plz guys how much is GTBank charging per dollar when u buy stuffs from foreign market?

JealousPrince:

Changeeeeeeeeeeee

DONSMITH123:
How can we be singing the Lords song in a strange land? Psalms 137:4 (KJV)

The depth of your words

Pls can any1 tell me d different BTW d CBN rate and parallel rate, dnt still understand dis

IPOD exchange rate..... APC zombies

desire222:
One Naira

na u talk am o

I have been checking exchange rates and it has been 199 naira for a dollar. But on the streets i hear people saying dollar don reach 300 naira some even said it has reached 400 naira, i started wondering if i was in another world because i have been doing transactions at 199 naira for one dollar for over two months now. Just now i saw on this thread what they actually meant. On the parallel market or black market naira has been fluctuating but in the real foreign exchange market naira is stable. People should do more online transactions so that they will spend less. Nigerians should also stop spreading this dollar is 300 naira rumour.

holluphemydavid:
Pls can any1 tell me d different (difference) BTW d CBN rate and parallel rate, dnt still understand dis

CBN rate = If you buy something or need to make a forex payment and such payment goes through the CBN (by you filling Form M) or some sort of foreign letter of Credit. it is CBN that pays on your behalf, to the foreign creditor, at the "CBN-determined rate of exchange".

Parallel Market rate: Also known as "Black Market rate", is the exchange rate that you get in (or when you patronise) the informal, road-side, mallam operated exchange. It is done outside the banking sector (hence called "Parallel" market). Because of its inherent peculiarities/dangers involved (they dont pay tax as much, they dont incur much operational expenses, they dont take records, they cant be verified, you could be duped, no recourse to justice if duped, e.t.c) ........ but even more because those who patronise them have their "reasons" for doing so (usually, they dont want such forex purchase to be traceable, maybe to buy illicit goods, money laundering, hide illicit wealth in forex, e.t.c), the exchange rate with these mallams is usually very much higher than the official CBN-rate.

Thus, l always say if you have genuine business to transact in forex, approach the CBN through your bank, fil the necessary forms and the CBN would sell forex to you (by paying directly for your goods or services, not give you the forex in cash!) at the very much lower exchange rate.

But it has become obvious that the Banks are playing a fast one on Nigerians by telling you they dont have forex to sell, after collecting from the CBN and diverting it to the black market for excessive gains!

That is why l think Govt needs to monitor and deal with them ruthlessly.

BTW: They have a way of preparing "fake documents" to justify who they sold the forex to, though it s B,.I.G lie!
I've worked in a bank in the past so l know "how we roll".

Hope this helps



Lastpage!

dvee2:


Blaming Buhari for the current exchange rate clearly shows you are poorly grounded on simple economics. Buhari,Goodluck or Obama, whoever is in charge of Nigeria at this time of oil crash could not have save the Naira.
The only thing is that ,the external reserve that would have been use to defend the Naira have been squandered by your mentor.

And you too are economically misinformed. Defending the naira simply means subsidizing imports. For how long can you do that in the face of crumbling exports even if you had a gazzillion dollars in reserve.

If I saved all my salary for 5 years and I suddenly took a paycut of 70%. If I can't cut my expenses and can't find another source of income to supplement, I am heading for bankruptcy. China had 500 billion in reserve. It tapped into it for two months, saw how it was going down and devalued (cut expenses) instead. Who is Nigeria with our so called reserves that never reached 60 billion ever.

lastpage:


Because they are a bunch of criminals milking the people of their money, working against the interest of the same Nigerians who will shout WITCH-HUNT, if EFCC decides to move against their criminality!

How do you explain a Bank getting Forex from Govt at #199, not selling it to their customers but diverting it to Black Market Mallams, so they can make excessive gains (Round-tripping)?

Do you think that is Honest, Patriotic and in-line with Banking Ethics?

Banks are one of the worst criminal enterprise ruining this nation and until Govt starts holding their Board members, CEO and Managers "criminally responsible", we are on a 'long thing'!

As we lay our bed, so we shall lie on it



Lastpage!

Welcome to the free market. Rant all you want the basic laws of economic equilibrium must be met.

cao:


Thanks for the explanation, so essentially the banks are charging us Black Market rates because it's profitable. I honestly don't even check my account anymore, since I don't want to depress myself whenever my Zenith card decides to work over here. The annoying thing is if I decide to use my UK card when I'm in Naija, I'll obviously be charged the official rate.

You're very welcome.

Further to what was discussed, the reason for the divergence between the official rate and blackmarket rate is due to the demand for dollars. Of course dollars have become more scarce due to the reduced revenue from our crude oil exports.

If the oil price was to rebound over night (although highly unlikely) to a 2014 summer-high of $115 pb (per barrel) then the dollar scarcity will be eased and the divergence between the rates would reduce.

This is why it hurts to use your UK card when in Naij. I had can relate with your pain because I got something like N360-380 to £1, but when I ran out of money in my GT account, my UK barclays card was charging me in the region of N283.1, give-or-take.

Vis-a-vis when I was in Nigeria during 2013 and 2014, the gap between the official and blackmarket was a lot lower. Didn't hurt as much whichever card I chose to use.

broswilli:
I have been checking exchange rates and it has been 199 naira for a dollar. But on the streets i hear people saying dollar don reach 300 naira some even said it has reached 400 naira, i started wondering if i was in another world because i have been doing transactions at 199 naira for one dollar for over two months now. Just now i saw on this thread what they actually meant. On the parallel market or black market naira has been fluctuating but in the real foreign exchange market naira is stable. People should do more online transactions so that they will spend less. Nigerians should also stop spreading this dollar is 300 naira rumour.

Hello bro, do u mean there's a way I can buy something abroad with the official rate, shed more light please

Sharap!!!.... every time see more see more there's nothing more to see joor!.... if u want us to check out ur blog u can just say so!!.. nonsense

zone20:
The dollar just Keeps going up and down. Who will save the naira ?

SEE More @ http://www.musbizubeat.com/2016/03/see-new-naira-rate-dollar-pound-euro/

heo88:


You're very welcome.

Further to what was discussed, the reason for the divergence between the official rate and blackmarket rate is due to the demand for dollars. Of course dollars have become more scarce due to the reduced revenue from our crude oil exports.

If the oil price was to rebound over night (although highly unlikely) to a 2014 summer-high of $115 pb (per barrel) then the dollar scarcity will be eased and the divergence between the rates would reduce.

This is why it hurts to use your UK card when in Naij. I had can relate with your pain because I got something like N360-380 to £1, but when I ran out of money in my GT account, my UK barclays card was charging me in the region of N283.1, give-or-take.

Vis-a-vis when I was in Nigeria during 2013 and 2014, the gap between the official and blackmarket was a lot lower. Didn't hurt as much whichever card I chose to use.

I helped my sister to buy something online over here with her GTB card on Saturday, her bank charged her at the 435 rate, she had expected it to go at the CBN rate, well she was very surprised, she decided to cancel the order since it almost bled her dry - the rate made it go exceedingly over budget. If I was getting the Nigerian Black Market rate on my UK card, I'd be golden, I'd be Queen, I'd stroll into Nigeria feeling like Elizabeth II. The current rate still works in my favour though, if I decide to use my UK card when I visit. We rely on oil & dollars too much in Nigeria. Oh well, I'll just keep an eye out when I visit Nigeria & be a bit more conscious when I use my Zenith card over here, before the exchange rate finishes my money.

dtruseeker:
Plz guys how much is GTBank charging per dollar when u buy stuffs from foreign market?

They'll charge you the parallel rate, I'm judging this solely by what they charged my sister on Saturday when we used her GTB card to buy something online over here (UK).

Naira to Ghana cedis nko?

As devaluation of naira continues some nigerians are throwing parties and they don't pray it ever gains strength.....

[size=28pt]if badluck won elections the exchange rate would have been 1300 to 1 dollar by now



sai baba[/size]

cao:

I helped my sister to buy something online over here with her GTB card on Saturday, her bank charged her at the 435 rate, she had expected it to go at the CBN rate, well she was very surprised, she decided to cancel the order since it almost bled her dry - the rate made it go exceedingly over budget. If I was getting the Nigerian Black Market rate on my UK card, I'd be golden, I'd be Queen, I'd stroll into Nigeria feeling like Elizabeth II. The current rate still works in my favour though, if I decide to use my UK card when I visit. We rely on oil & dollars too much in Nigeria. Oh well, I'll just keep an eye out when I visit Nigeria & be a bit more conscious when I use my Zenith card over here, before the exchange rate finishes my money.

Smart move from her and from what you've said we can see why it's useful to take exchange rates into account when purchases are likely to be affected by it.

When you say you'll be more cautious with the use of your Zenith card, correct me if I'm wrong but I'm assuming you transfer funds whilst in the UK to this account in advance of your arrival to Nigeria? If so then there are a number of options in London as to getting a good black market rate for your £s.

As for Nigeria's dependence on oil and foreign currency, although beyond the scope of this thread I'll do my best to truncate the reasons due to its inevitability.

Nigeria, as we know, along with many other countries were created for colonial interests, and the creation of the Bretton Woods institutions: The World Bank and the IMF in 1944 to stop the western countries competing against each other, played a significant part in the world as we know it today. In doing so this paved the way for their colonies to eventually receive independence and in the process of doing so, become 'European-style' countries. Subsequently a policy of consumption of western goods by the new colonies followed, but such countries incurred deficits which further created a gap between themselves and the western countries. In 1982 the Structural Adjustment programme was initiated to help overcome these deficits but came with certain conditions which further compounded the problem for many. As a result diversification in Nigeria's economy away from a large dependence on oil was less likely as a the time the global demand for crude oil far outweighed demand for any other commodity we produce such as uranium, bauxite, gold etc.

Another factor which shouldn't be overlooked is that Nigeria along with many other countries' oil were used to help the western countries continue to be wealthy by maintaining their level of production. As a result many organisations such as the FBI, MI5/MI6 and other French secret agencies were complicit in the arranging of coups and the overthrowing of incumbent regimes in order to maintain their power globally, which required stability or rulers who's governance were conducive to Western foreign policy interests.

The way the system is set up, if you export commodities then you receive foreign currency i.e. $s and the same foreign currency is used to purchase imported goods. Invariably, if your imports outweigh your exports then it is likely you'll have what is called a 'current account' deficit. This system has been in place several years before the creation of the Federal state of Nigeria, thus a lot of what has happened and is lamented by the everyday woman or man was always going to happen.

I know it's a bit of a long epistle but I thought it would be useful to share this with you and other nairalanders. Whilst I can't absolve culpability on the part of former rulers for their role in Nigeria being in its current state, we should consider the issue of agency and the reality is Nigeria, as a British creation is largely subservient to the wishes of the West.

diasporaman:
The saviour of Nigeria is not in this generation of vipers.

You are correct (Daniel 2:44) www.jw.org

drnelson:
[size=28pt]if badluck won elections the exchange rate would have been 1300 to 1 dollar by now



sai baba[/size]

I totally disagree with you.

During GEJ, the price went from over $100 to about $50 and yet the naira only fell from around 160 to 210.

It is Buhari's refusal to allow the currency to float like GEJ did that is causing the chaos in the market. He says he won't devalue the naira. I laugh in Kiribati Its like saying I won't accept 1 +1 is 2.

Reference:


And you too are economically misinformed. Defending the naira simply means subsidizing imports. For how long can you do that in the face of crumbling exports even if you had a gazzillion dollars in reserve.

If I saved all my salary for 5 years and I suddenly took a paycut of 70%. If I can't cut my expenses and can't find another source of income to supplement, I am heading for bankruptcy. China had 500 billion in reserve. It tapped into it for two months, saw how it was going down and devalued (cut expenses) instead. Who is Nigeria with our so called reserves that never reached 60 billion ever.

Ever since he introduced these foreign exchange restriction, I have written off this country's economic future.

A new maths teacher starts class by saying 1+1 is 4 and you hope your child's maths will get better in a year's time?

If he allowed the naira to depreciate naturally, the rate by now would have been around 230-250. What we are seeing it outright madness

And which one are our banks supposed to use? I was charged N304.95 to a dollar by Access Bank for a payment I made today!

R0LL0N:
when will dollar come down cos i wanna school abroad

Contact me for cheap schools abroad 09025315358

cao:

They'll charge you the parallel rate, I'm judging this solely by what they charged my sister on Saturday when we used her GTB card to buy something online over here (UK).

OK. Thanks

habiham:
Black market nko

Olodo
Smh

lastpage:


CBN rate = If you buy something or need to make a forex payment and such payment goes through the CBN (by you filling Form M) or some sort of foreign letter of Credit. it is CBN that pays on your behalf, to the foreign creditor, at the "CBN-determined rate of exchange".

Parallel Market rate: Also known as "Black Market rate", is the exchange rate that you get in (or when you patronise) the informal, road-side, mallam operated exchange. It is done outside the banking sector (hence called "Parallel" market). Because of its inherent peculiarities/dangers involved (they dont pay tax as much, they dont incur much operational expenses, they dont take records, they cant be verified, you could be duped, no recourse to justice if duped, e.t.c) ........ but even more because those who patronise them have their "reasons" for doing so (usually, they dont want such forex purchase to be traceable, maybe to buy illicit goods, money laundering, hide illicit wealth in forex, e.t.c), the exchange rate with these mallams is usually very much higher than the official CBN-rate.

Thus, l always say if you have genuine business to transact in forex, approach the CBN through your bank, fil the necessary forms and the CBN would sell forex to you (by paying directly for your goods or services, not give you the forex in cash!) at the very much lower exchange rate.

But it has become obvious that the Banks are playing a fast one on Nigerians by telling you they dont have forex to sell, after collecting from the CBN and diverting it to the black market for excessive gains!

That is why l think Govt needs to monitor and deal with them ruthlessly.

BTW: They have a way of preparing "fake documents" to justify who they sold the forex to, though it s B,.I.G lie!
I've worked in a bank in the past so l know "how we roll".

Hope this helps



Lastpage!

.

Tanks so much, it rilly help, God bless

I promise to make #1 equal to $1
















Hahaha haha Hahaha I just dy laugh

zone20:
The dollar just Keeps going up and down. Who will save the naira ?

SEE More @ http://www.musbizubeat.com/2016/03/see-new-naira-rate-dollar-pound-euro/

Ghostbusters,voltron,g-force,superted....call any of dem

Either Dollar rise or fall, I will surely make it this year.

truthspeaks:
Buhari oo

Osinbajo ooooooo