This obviously has to be the elephant in the room especially for online entrepreneurs and people who purchase stuff online or receive payments from obodo oyinbo.

Pardon my ignorance, but why am I charged by my bank at N290-N300(black market rate) for an online transaction but funds are exchanged at N199(official rate) per US$ when I receive funds via western union.

It just doesn't make any sense.

Anyone who is privy to the why and can explain better should please free me from my ignorance because no matter how much I try to use logic to justify it, it doesn't make sense.

Thanks in anticipation

Lalasticlala, how far? You no dey do online transaction?

Keyword: Tiwa and Teebillz

Lalasticlala come and see snake.

solid3:
Lalasticlala come and see snake.

Lol. Na their way

The problem is with provider of the master card you use. They i.e. providers of MasterCard, verve, etc. no longer get foreign currency from CBN hence they resort to black market to get foreign currency as the case may be therefore increasing the rate for online transaction.

Corlina:
The problem is with provider of the master card you use. They i.e. providers of MasterCard, verve, etc. no longer get foreign currency from CBN hence they resort to black market to get foreign currency as the case may be therefore increasing the rate for online transaction.

For real? Hmmm. But my mastercard is connected to my bank account na

Corlina:
The problem is with provider of the master card you use. They i.e. providers of MasterCard, verve, etc. no longer get foreign currency from CBN hence they resort to black market to get foreign currency as the case may be therefore increasing the rate for online transaction.

PLease, I need your assistance. Since the black market rate fell, I haven't noticed any significant change as I tried to pay fb using the current exchange rate and it is going through. Do you have any explanation regarding this? My theory is that they probably still have money from the last exchange rate and want to let go of it before they start charging at the new rate. What do you think?