The CBN officially fixed the exchange rate at $1-#198 naira But the parallel or black market( including the rate at which the banks buy or sell dollars to their customers) continue to float and rotate around #280-#320 for a USA dollar for a long while now
As a business person, traders, workers or even students we are likely to be involved in foreign transaction by using our ATM debit or credit card to make online payments or transactions or perhaps receive foreign exchange through Western or Money Gram transfer. Don't be surprise that when you used your Bank ATM card to make payment online, you maybe charged $1-#280 and someone else used another Bank ATM card same day and that person was charged at $1-#310 naira. Let assume the transaction was $1,000 , that means you have made a loss of #30,000 for that single transaction unknowingly to you(if am right based on my arithmetic).
So,.as an Account graduate have open the page, so let Us help our self by giving update on Naira exchange rate to the dollar or pounds. Help us to help you
Send= date,rate,.bank,.( and location if you did the transaction in a foreign country)
Example: 17/03/2016, $1-#290, First bank ( location if you did in a foreign country)
Also ,if you received a western or money gram transfer from oversea let also know how much the bank you received it from bought it or exchange for it(it should be in per dollar). Thanks