justi4jesu:



All these different exchange rates on top one card? I'm really confused.

You still don't get the real picture of what is happening. The point is there is no enough dollars to support foreign transactions on Nigerian cards. These banks are even looking for dollars too,dont be surprised if some banks start laying off their staff very soon due to low activities. The limited dollars in the system both bank and parallel market is too small for Nigeria foreign trade,infact too small is an understatement. Imagine a situation where the active demand is about 70million dollars per day and the supply within the system is just 25million !!! Very soon many banks will be forced to stop foreign transactions totally on the naira cards and rather tell anyone who wishes to use their card for transactions to go and buy the dollars and deposit it in his or her card .

fashrola:

it's working now... I have to change the conversion settings from Naira to Dollar.. Nigerian banks Na thieves

Was it an ebay payment? cos my Stanbic card is still not working on ebay

bizzle2:

$$hoooots!!!!! damn thing worked!! lol
thanks man.
GTB rate for this transaction was 415, so much for abokifx

Well. It's really confusing cos is not working for some pple

Mehn, it's really happening now. Some banks as already started retrenchment. The demand is so high and the supply is too small. And my oga at the top is not missing anything. Infact. Entrepreneurs now look as a joke.

aleshsenior2000:
Mehn, it's really happening now. Some banks as already started retrenchment. The demand is so high and the supply is too small. And my oga at the top is not missing anything. Infact. Entrepreneurs now look as a joke.

It is really going to mess up things bad. I really feel sad when ppl don't quickly grab the meaning of my warnings. Getting money into Nigeria isn't a big deal,I know ppl who are ready to pump in millions of dollars but how will they get their money out?the way it is now ,once ur funds gets into nigeria ,it gets trapped or you hve to take it out at a loss. The current rate in the market is 425,if I send 10k dollars into Nigeria ,how will I get my money out without having to buy dollars again at 430 ? This is why foreign airlines and companies are leaving Nigeria. The bitter truth is Nigeria only has few weeks left before it finally slips into full scale recession what ppl are complaining of now will be a child play then.

onatisi:
Bros ,dcc isn't applicable in Nigeria

...we all know that because our 9ja banks have blocked it.

there is no where the banks will get dollars at that price to pay PayPal

...

if PayPal knows that they want to help maybe they should start allowing Nigerians to receive money through PayPal at the rate of 317

...I'm actually keeping my fingers crossed that this paypal dcc is a precursor to 9ja paypal actually being enabled to receive funds (one can hope and dream right)?

When u pay PayPal through your bank card the banks have to remit the money to PayPal in dollars.. yeah we know, but the truth is 9ja banks are anti customer friendly, and are automatically programmed to rob us blind...it's in their DNA

the huge question now is where is dollars sold at 317 Even I dont think cbn sells dollars at 317

...Going by data obtained from CBN, (https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp), Paypal pegging dcc@317, actually makes a lot of sense, and quite feasible. It would also stand to reason that not all the '317' would go to paypal because paypal is not 'billing' the bank, but the client and both paypal and the bank would have a workable percentage the bank would be getting from that 317 as commission.

fashrola:

I swear I dunno if CBN is aware of all this shaddy charges

They are aware jare they just choose to turn a blind eye and only 'shout' when it serves some sort of agenda...abi no be dis Nigeria we all dey? Even those of us in diaspora, we still all dey here.

bdavis:
...we all know that because our 9ja banks have blocked it.

...

...I'm actually keeping my fingers crossed that this paypal dcc is a precursor to 9ja paypal actually being enabled to receive funds (one can hope and dream right)?

the huge question now is where is dollars sold at 317 Even I dont think cbn sells dollars at 317...Going by data obtained from CBN, (https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp), Paypal pegging dcc@317, actually makes a lot of sense, and quite feasible. It would also stand to reason that not all the '317' would go to paypal because paypal is not 'billing' the bank, but the client and both paypal and the bank would have a workable percentage the bank would be getting from that 317 as commission.



They are aware jare they just choose to turn a blind eye and only 'shout' when it serves some sort of agenda...abi no be dis Nigeria we all dey? Even those of us in diaspora, we still all dey here.

PayPal is not been reasonable with the Nigeria situation ,the issue is there is no dollars in this banks ,that is why they want Nigerians to pay in naira at the prevailing market rate so that they can use the money to source for dollar,the likely scenario will be a loss for PayPal because Nigerian banks will just simply block off all PayPal transactions on their naira cards in order not to incur losses and ask customers to source their dollars from the black-market

onatisi:
PayPal is not been reasonable with the Nigeria situation ,the issue is there is no dollars in this banks ,that is why they want Nigerians to pay in naira at the prevailing market rate so that they can use the money to source for dollar,the likely scenario will be a loss for PayPal because Nigerian banks will just simply block off all PayPal transactions on their naira cards in order not to incur losses and ask customers to source their dollars from the black-market

Yes, we know and to an extent, I do agree with you about paypal loosing out. But when you paint it like this, 9ja banks come out as saints, which is far from the truth, but then again, for the purpose of this discuss, that is a secondary topic; the real topic being the lack of fx in the economy and truth be told, like you rightly postulated, 'tis only the beginning, the 'shit is about to hit the fan'

But I can't but wonder at such a time as this: where are all the so called 'recovered' funds we hear about? Money from the arms deal, from electoral and campaign misconduct and all that...what is the purpose of the recovery if it won't have impact on the economy?

Why do we have so much 'jets' in our 'presidential hangar' why can't they be sold/auctioned off and the proceeds pumped into the economy? I'm not saying these are the all in all solution, but the funds could make some impact...desperate times call for desperate measures and truth be told, we are here.

Head up everyone....

Am beginning to like recent post..

bdavis:


Yes, we know and to an extent, I do agree with you about paypal loosing out. But when you paint it like this, 9ja banks come out as saints, which is far from the truth, but then again, for the purpose of this discuss, that is a secondary topic; the real topic being the lack of fx in the economy and truth be told, like you rightly postulated, 'tis only the beginning, the 'shit is about to hit the fan'

But I can't but wonder at such a time as this: where are all the so called 'recovered' funds we hear about? Money from the arms deal, from electoral and campaign misconduct and all that...what is the purpose of the recovery if it won't have impact on the economy?

Why do we have so much 'jets' in our 'presidential hangar' why can't they be sold/auctioned off and the proceeds pumped into the economy? I'm not saying these are the all in all solution, but the funds could make some impact...desperate times call for desperate measures and truth be told, we are here.

if we go into details we will likely turn this thread into a political discussion,this government has fed the ppl so much lies and now the ppl at beginning to see the truth . The genesis of all these problems started with the tsa ,we raised the red flags then and cautioned Nigerians but they were still dancing skelewu to sai Baba palongo lies,the second was the late appointments of economic team instead of doing the right thing then the man was saying that ministers are noise makers ,the 3rd was delayed devaluation or floating of the naira but instead of buhari doing it the and saving the naira rather he kept on saying that he needs to be convinced ,now maybe the starvation and hunger Nigerians are passing through has finally convinced him. The best thing to do now is to get a dollar account card and do ur transactions safely

The conversion option worked!!

I tried $1 payment and was charged N380.76 per $$

bdavis:


Yes, we know and to an extent, I do agree with you about paypal loosing out. But when you paint it like this, 9ja banks come out as saints, which is far from the truth, but then again, for the purpose of this discuss, that is a secondary topic; the real topic being the lack of fx in the economy and truth be told, like you rightly postulated, 'tis only the beginning, the 'shit is about to hit the fan'

But I can't but wonder at such a time as this: where are all the so called 'recovered' funds we hear about? Money from the arms deal, from electoral and campaign misconduct and all that...what is the purpose of the recovery if it won't have impact on the economy?

Why do we have so much 'jets' in our 'presidential hangar' why can't they be sold/auctioned off and the proceeds pumped into the economy? I'm not saying these are the all in all solution, but the funds could make some impact...desperate times call for desperate measures and truth be told, we are here

the fact is even if every sell his or her property it will still be the same , the demand for dollar is higher than the supply.

if you are a millionaire and you aren't working again a time will come when you will finish all the money, then you start selling your properties until there is no more property to sell, you go back to square one

maybe Nigeria is looking for wrong solution, the solution is not bringing more FX, the solution is stopping the demand

and concerning PayPal i reserve my comment for them

The solution to this problem is productivity and export. But the Nigerian environment isnt even production friendly ,the good thing about the situation is you can buy in Nigeria and sell high out. Nigerians need to start exporting

onatisi:
if we go into details we will likely turn this thread into a political discussion

totally agree and those who know me knows I tend to avoid such.

the 3rd was delayed devaluation or floating of the naira

on this point, I 'disconcur' not that it wasn't a mistake, but on the basis that it was necessary and should have been done sooner.

The best thing to do now is to get a dollar account card and do ur transactions safely

even this one go hard bros, even assuming every single Nigerian can achieve this and are willing to, cos as we both know, demand has seriously overshot supply and we all know what happens when that scenario (is allowed to) play(s) out.

Singapore1:


the fact is even if every sell his or her property it will still be the same , the demand for dollar is higher than the supply.

if you are a millionaire and you aren't working again a time will come when you will finish all the money, then you start selling your properties until there is no more property to sell, you go back to square one

maybe Nigeria is looking for wrong solution, the solution is not bringing more FX, the solution is stopping the demand

and concerning PayPal i reserve my comment for them

Using the money from the recovered loot to shore up demands for FX is not growing the economy, it is being penny wise, pounds foolish. When I suggested it, I suggested it as being used for capital and infrastructure growth+industrialization. The main problem is our govt is directing focus wrongly...they shout and sing one thing, but their policies are actually geared and directed to an entirely different thing, then they come out and talk as if we be fools and we can't actually read between the lines.

onatisi:
The solution to this problem is productivity and export. But the Nigerian environment isnt even production friendly ,the good thing about the situation is you can buy in Nigeria and sell high out. Nigerians need to start exporting

We are on the same page bro...

bdavis:


totally agree and those who know me knows I tend to avoid such.



on this point, I 'disconcur' not that it wasn't a mistake, but on the basis that it was necessary and should have been done sooner.


even this one go hard bros, even assuming every single Nigerian can achieve this and are willing to, cos as we both know, demand has seriously overshot supply and we all know what happens when that scenario (is allowed to) play(s) out.





Using the money from the recovered loot to shore up demands for FX is not growing the economy, it is being penny wise, pounds foolish. When I suggested it, I suggested it as being used for capital and infrastructure growth+industrialization. The main problem is our govt is directing focus wrongly...they shout and sing one thing, but their policies are actually geared and directed to an entirely different thing, then they come out and talk as if we be fools and we can't actually read between the lines.



We are on the same page bro...

Now the FG is faced with 2 options ,the first is to look inwards,tax Nigerians painfully ,cut costs by sacking ppl and use the money saved to improve production infrastructures like roads and power all over the nation. This will inflict a lot of pains On Nigerians or borrow heavily to finance these productions infrastructure and leave the repayments for the children unborn to pay off

onatisi:

Now the FG is faced with 2 options ,the first is to look inwards,tax Nigerians painfully ,cut costs by sacking ppl and use the money saved to improve production infrastructures like roads and power all over the nation. This will inflict a lot of pains On Nigerians or borrow heavily to finance these productions infrastructure and leave the repayments for the children unborn to pay off

There's another option, albeit it could be considered unpopular, drastic and extreme: truly and actually gather all the 'looted and misappropriated' (herein after referred to as looted funds) funds (not just from the immediate administration), but all the proven 'looted' funds going as far back as they wanna go (but from Babangida's era is ok by me) when I say 'looted', it encompasses all the so called committees that have ever been setup to 'look' into any issue cos let's face it, they were only setup as camouflage to eat the so called national cake. Also the salaries being paid our politicians is just senseless...these are some of the gaps bleeding us dry. Once all the leaks are plugged, the options (1&2) you mentioned wouldn't be as bad as they would have been, and might just be minimal...inconvenient, but not totally unbearable.

bdavis:


There's another option, albeit it could be considered unpopular, drastic and extreme: truly and actually gather all the 'looted and misappropriated' (herein after referred to as looted funds) funds (not just from the immediate administration), but all the proven 'looted' funds going as far back as they wanna go (but from Babangida's era is ok by me) when I say 'looted', it encompasses all the so called committees that have ever been setup to 'look' into any issue cos let's face it, they were only setup as camouflage to eat the so called national cake. Also the salaries being paid our politicians is just senseless...these are some of the gaps bleeding us dry. Once all the leaks are plugged, the options (1&2) you mentioned wouldn't be as bad as they would have been, and might just be minimal...inconvenient, but not totally unbearable.

Looted fund recovery is scam by this government,the idea is to give a dog a bad name in order to hang it. I agree with the aspect of cutting down governance cost,it is noteworthy to know that presently Nigeria has the most expensive democracy in the world,most of the political offices are just duplication of a single job. On the issue of probing past regimes apart from gej own that is an idea that buhari will not even think about ,politically that will be a suicide mission .

onatisi:

Looted fund recovery is scam by this government,the idea is to give a dog a bad name in order to hang it. I agree with the aspect of cutting down governance cost,it is noteworthy to know that presently Nigeria has the most expensive democracy in the world,most of the political offices are just duplication of a single job. On the issue of probing past regimes apart from gej own that is an idea that buhari will not even think about ,politically that will be a suicide mission .

I agree with u. our democracy is too expensive. that's why it ain't productive BC its more of consumptive in nature. our daily big earnings from oil during boom time was acting as a cover for this fact. now d oil money is low and the wind has blown and we can now see the fowl's yansh.

onatisi:

Looted fund recovery is scam by this government,the idea is to give a dog a bad name in order to hang it.

Not only by this govt, it's what has always happened in this country, from one military jaunta to the next, spilling over into 'our democrazy' (not misspelt, na deliberate act cos what we have is crazy) , from one successive govt to the other; but can we be surprised? Most, if not all our presidents have ties to one military regime or the other.

I agree with the aspect of cutting down governance cost,it is noteworthy to know that presently Nigeria has the most expensive democracy in the world,most of the political offices are just duplication of a single job. On the issue of probing past regimes apart from gej own that is an idea that buhari will not even think about.

I was hoping you would go here ---»»»

politically that will be a suicide mission .

Any govt that wants to take 9ja out of its present situation would have to be ready and willing to sacrifice political survival...ergo: Rawlings&Ghana.

analysts thank you,
come back when u have updates on fx payments and rates...

tried to checkout on eBay with stanbic... the dcc rate was around N328/$1.

My boss. tell me something because I get many personal pending orders to make ooo.

dragnet:
tried to checkout on eBay with stanbic... the dcc rate was around N328/$1.

dragnet:
tried to checkout on eBay with stanbic... the dcc rate was around N328/$1.

Unfortunately you wont succeed in checking out.

Had to follow the link earlier on in the tgread to change the dcc settings before i could checkout.


Stanbic - 380/$

These nigerian banks ehn

dragnet:
tried to checkout on eBay with stanbic... the dcc rate was around N328/$1.

how do you do that I can't pay for items I won

dragnet:
tried to checkout on eBay with stanbic... the dcc rate was around N328/$1.

@sinebaba and AleAirhub
Lol... read again

tradeplusib:


Unfortunately you wont succeed in checking out.

Had to follow the link earlier on in the tgread to change the dcc settings before i could checkout.


Stanbic - 380/$

These nigerian banks ehn

you read well jare... that's our situation, everyone is exploiting by all means.

abeg who fit vouch for blym4real
edakun e help mi

Singapore1:
abeg who fit vouch for blym4real edakun e help mi

enterpro , lady F

I have a meager $24 paypal fund to exchange. Any good buy?

Good Even. $2000-$5000 PayPal fund is needed. Offer rate. N345-N360.

sinebaba:
how do you do that I can't pay for items I won

Unfortunately you can't pay with DCC. You'll have to change your conversion option before you can check out. I dropped the procedures earlier