mployer:


The banking sector is not a perfectly competitive market as you think. Some rates are sometimes fixed across the banks to avoid negative competition.

Take for instance, a particular bank cannot just reduce interest rate just because it can. It must conform to the prevailing rate so others can remain in business. It is a tradition in the industry.

Even at that some banks can still single handedly make decisions of their own.

Stanbic maintains $2000 limit, buy gtbank says $300 and firatbank says $500. Ecobank is $100 @ 215 exchange rate. Skye bank is not more than N20,000 limit at 216.8, zenith is #228/ $1.

Sir do you still want to tell me that the cbn set all these rate Gtbank always lie that it's cbn decision to limit themselves to such rate and limit. It's nothing but lies.

Bank can compete among themselves, but they still make decisions single handedly, and this exchange rate is one.

Ymodulus:
Every Organisation checkmate the performance of their competitor.

Every organization have a research department. It's just like telling Etisalat to set rate without knowing what mtn and airtel uses.

In their bid to get this they carry out their research, and like it or not the comment here does not contribute an inch to their decision.

To increase the rate of a bank Naira to dollar on their card platform, decisions are made and reviewed. No one employer does that.

Do you think bank decides limit just like that? Or set rate?

In all am trying to say that like it or not, there will still be an increase in rates to reflect the market realities on ground that's the strong point of any business move as the market moves.

I am of the opinion the update stays here.

Abok...i boy. cos Aminst508 no dey Osogbo, uno gree showface. Woman rapper olori nla .


Oya watch , access bank is the cheapest now. Just wait till next week. They monitor competitors from here. Ain't being myopic.

capspeter:

Am in support, though whatsapp has limit on number of people that can be in a group, we can try setting up a private group on Facebook or creating a group with Facebook messenger.

closed facebook user group sounds nice thats if the evil bast..a.rds dont read d newsfeed

mayorall:




Abok...i boy. cos Aminst508 no dey Osogbo, uno gree showface. Woman rapper olori nla .


Oya watch , access bank is the cheapest now. Just wait till next week. They monitor competitors from here. Ain't being myopic.

Hahahahaha. Them no let me na. I dei lag enter this morning. I fit enter osun before I go Kano.

Na me go see you.

mayorall:


Oya watch , access bank is the cheapest now. Just wait till next week. They monitor competitors from here. Ain't being myopic.

Nope, it cost nothing for them to go open account with all banks and use for online transaction, as a business man ready to make profit. You will do such.

Beside the rates can be verified by calling customer care of any bank. You get rate for the day. So you don't need to say this thread.


Take it or leave it, as long as the Central Bank of Nigeria gives banks free hand to determine their rate on their card, the Banks will continue to increase their rate.

My problem, with Mr President and Governor of CBN is that, they want to peg the Dollar at all cost in 199/$1 but they forget to control the banks and yet want to control the black market.

The macroeconomic variables in aspect of Interest rate, inflation rate have a direct significant relationship with exchange rate. However most economist will agree with me that this is the first time, we seeing some abnormalies.

My brother, I am a stunt supporter of Buhari but I have to say if these is how we will go on during these era of so called corruption fight. Then please I want to go back to the Corruption era of Jonathan

Eghosa1:


What's happening Youngzedd? You're virtually unreachable for the past 20 hours.

We have two lines there.



Settled.

Ymodulus:

Even at that some banks can still single handedly make decisions of their own.

Stanbic maintains $2000 limit, buy gtbank says $300 and firatbank says $500. Ecobank is $100 @ 215 exchange rate. Skye bank is not more than N20,000 limit at 216.8, zenith is #228/ $1.

Sir do you still want to tell me that the cbn set all these rate Gtbank always lie that it's cbn decision to limit themselves to such rate and limit. It's nothing but lies.

Bank can compete among themselves, but they still make decisions single handedly, and this exchange rate is one.

cbn didn't set the rates. Most times they don't. It comes as an informal and undocumented agreement within the sector.

A banker friend told me how the banks came about the 0.1% charge on withdrawals from dormicialary accounts. He said they noticed that an importer in Aba can deposit 30,000usd in their Aba branch and come to Lagos the next day to withdraw it for a business trip. The money doesn't stay long in the bank and as a result do not benefit them. The banks had to come together and agree on 0.1% charge on every withdrawal from dormicialary account. At such times, one bank can't do it alone to avoid being blacklisted by customers, so they have to consult other banks to follow suit.

I believe something like this is happening presently in card forex. Cbn has not increased price, yet everyone is increasing price daily .

mployer:


cbn didn't set the rates. Most times they don't. It comes as an informal and undocumented agreement within the sector.

A banker friend to me how the banks came about the 0.1% charge on withdrawals from dormicialary accounts. He said they noticed that an importer in Aba can deposit 30,000usd in their Aba branch and come to Lagos the next day to withdraw it for a business trip. The money doesn't stay long in the bank and as a result do not benefit them. The banks had to come together and agree on 0.1% charge on every withdrawal from dormicialary account. At such times, one bank can't do it alone to avoid being blacklisted by customers, so they have to consult other banks to follow suit.

I believe something like this is happening presently in card forex. Cbn has not increased price, yet everyone is increasing price daily .

And this is where CBN gets it wrong. As long as the FoREX of any country is concerned it is one of the vital elements that make up the macroeconomic variables. And it's too big to be neglected.


Sir, on your 0.1% I don't think it works with Union Bank. I will try get a form I saw recently on that.

check my signature

jamarionj:

Please, Can I have your contact?

Guys what's the latest rate for $ in Stanbic bank

mayorall:
Access well so?.
Cc: tyconcepts

All the banks don crase patapata.

classicsamuel:
Guys what's the latest rate for $ in Stanbic bank

$235.

Its okay to be shocked.

Ymodulus:

Nope, it cost nothing for them to go open account with all banks and use for online transaction, as a business man ready to make profit. You will do such.

Beside the rates can be verified by calling customer care of any bank. You get rate for the day. So you don't need to say this thread.


Take it or leave it, as long as the Central Bank of Nigeria gives banks free hand to determine their rate on their card, the Banks will continue to increase their rate.

My problem, with Mr President and Governor of CBN is that, they want to peg the Dollar at all cost in 199/$1 but they forget to control the banks and yet want to control the black market.

The macroeconomic variables in aspect of Interest rate, inflation rate have a direct significant relationship with exchange rate. However most economist will agree with me that this is the first time, we seeing some abnormalies.

My brother, I am a stunt supporter of Buhari but I have to say if these is how we will go on during these era of so called corruption fight. Then please I want to go back to the Corruption era of Jonathan

I catch you for this one!

Ymodulus:

My brother, I am a stunt supporter of Buhari but I have to say if these is how we will go on during these era of so called corruption fight. Then please I want to go back to the Corruption era of Jonathan

You are welcome.

kaboninc:


I catch you for this one!

;DD

You don see am na.

I talk my mind here o.

justi4jesu:



You are welcome.

Lol ;DD

Na corruption sure pass. At least during corruption money dei around.

I believe even you ma, you suffering from this corruption fight. Business decline.

Buhari administration is teaching me that even Jesus cannot address the woes of Nigeria.

Corruption anyday any time

Ymodulus:


;DD

You don see am na.

I talk my mind here o.

You just dey take style dissociate yourself from Buhari.

I dey look you with inflowD

WhatsApp group, Facebook group, Nairaland secret group or not

Banks monitor them self they don't need Nairaland
They would just call the bank customer care and get every info they need shikina

Keep updates here

kaboninc:


You just dey take style dissociate yourself from Buhari.

I dey look you with inflowD

My oga. Now I no dei affiliated with any party. It's better for one to strive on how to move forward and live politics alone.

Thats what I have decided and I will do. Nigeria is dead and gone.

Buhari is on his own. Me am on my own we have our life to live.

I also dei expect the inflow. Today evening will know what's up

winetapper:
WhatsApp group, Facebook group, Nairaland secret group or not

Banks monitor them self they don't need Nairaland
They would just call the bank customer care and get every info they need shikina

Keep updates here

This is what I said. I don't really need to come to nairaland. I can just call bank customer care that's easy or twit at their twitter page. That's even faster.

So nairaland does not mean a thing to them

Just as some said, taking this off here wont make any meaning, banks wanna stay competitive so to say, for some reasons, they hike price to make more money and i really cant get my head around it but i know the bank rates on cards is not dependent on what they see here.

Don't forget the R& of banks make research and get their info.

NIgerians use cards daily and ask me the % number of users that are on this forum and actually follow this thread--- a little fraction.

lets just forget this and move on as it comes, hoping CBN relaxes some policies that would favour us.

Cheers

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Konnektions146:
Just as some said, taking this off here wont make any meaning, banks wanna stay competitive so to say, for some reasons, they hike price to make more money and i really cant get my head around it but i know the bank rates on cards is not dependent on what they see here.

Don't forget the R& of banks make research and get their info.

NIgerians use cards daily and ask me the % number of users that are on this forum and actually follow this thread--- a little fraction.

lets just forget this and move on as it comes, hoping CBN relaxes some policies that would favour us.

Cheers

We should all know what determines the FOREX rate is the forces of demand and supply. Demand has risen with the the festive period.... it is normal as a seller of FOREX to increase your price.

Also, what is the percentage of people who demand FOREX nationwide that are on Nairaland? We have so many companies who buy FOREX daily who are not monitoring Nairaland. So we shld not conclude that our discussion here are relevant to the FOREX rate increase.

Lets continue to update here... means nothing to them.

Konnektions146:
Just as some said, taking this off here wont make any meaning, banks wanna stay competitive so to say, for some reasons, they hike price to make more money and i really cant get my head around it but i know the bank rates on cards is not dependent on what they see here.

Don't forget the R& of banks make research and get their info.

NIgerians use cards daily and ask me the % number of users that are on this forum and actually follow this thread--- a little fraction.

lets just forget this and move on as it comes, hoping CBN relaxes some policies that would favour us.

Cheers

You probably have not being following this thread closely.


Firstbank visa card was N200 for months. Two days after the news got here, the rate changed.

Skye was 215, few days after the news got here, their limits was slashed too 100 dollar per day.

Gtb was 220 after IBTC rose to 235. Few hours after the news got here, their rate became 230.

Somebody reminded us here that access is still 225, few hours later we heard 255.

The pattern is that the low rate never changes until the news gets here. It is more than coincidence.

ryusufu:
i did transaction on my access visa card, around 12am on ebay, $1 = N225

Check it later, their rate is N255. Just leave it the way you saw it. No complain

mployer:

You probably have not being following this thread closely.
Firstbank visa card was N200 for months. Two days after the news got here, the rate changed.
Skype was 215, few days after the news got here, their limits was slashed too 100 dollar per day.
Gtb was 220 after IBTC rose to 235. Few hours after the news got here, their rate became 230.
Somebody reminded us here that access is still 225, few hours later we heard 255.
The pattern is that the low rate never changes until the news gets here. It is more than coincidence.

Access is still 225. Very sure.


Beside all you posted above does not mean.

Isn't this corruption? Banks now sell like black market, the disparity between their rates and CBN official buying rate is outrageous. There must be something we can do to put these guys in check. Isn't there any regulation guiding their rates? or is it just an anything goes market?

Ymodulus:


Access is still 225. Very sure.


Beside all you posted above does not mean.

Ymodulus, I am beginning to suspect you. Access is N255. Period.

ezyra:
Justi4jesu, I'm interested

Do you have a us paypal account?

Ymodulus:


Access is still 225. Very sure.


Beside all you posted above does not mean.

Mayorall posted this, maybe you should tell him he photoshoped it.

In as much we wish this thread is not monitored, the change pattern suggests it is.

See bankers in disguise shouting about releasing the information here when they are the ones spoiling everything. I wonder how many promotion they have gotten as a result of releasing this information to their management. Anyway you guys can continue giving them the information.

mavinc4u:


Ymodulus, I am beginning to suspect you. Access is N255. Period.

.

www.nairaland.com/attachments/3171533_screenshot20151209181639_jpegbbb6f00ff8a0050e37d783e9d4e5e8f0