This is finger pointing out FCMB.....
I would like to draw your attention to some banks using extreme exchange rate for form A transfer for students abroad despite new directive from the federal Government.
The exchange rate that was used for us for the payment of tuition fees last week was between 475 and 495 in Naira to a pound by standard chartered bank and Fcmb.
This is against the 390 naira at central bank rate.
I am hoping you could use your channel and influence to review this unfair extortion by Nigerian banks
Best regards
BLOG VISITOR
Nigerian banks ehn, how dey conduct there own business is on a different level. Not platonic at all to the Nigerian masses and entrepreneur. Everyday new shenanigans.
ReplyDeleteAre you battling with persistent pimples and breakouts? Learn 6 simple tips to help you cope with persistent acne
The latest scam is ATM withdrawal fees. Now you can't draw more than 10k a time on most atms. It's Cos you they are now allowed to charge after 3rd. Withdrawals at third party atms. Yet there is a 2% charge coming into force in April for withdrawal. Bottom line is that I am now going to pay a bank for the privilege of doing business with my money and still pay them to get it out. This Naija eh! Crude place
DeleteOsibanjo come n fix this
ReplyDeleteMc pinky
Please oooh
DeleteDear Poster, SDK isn't a financial regulator & CANNOT DO SHIT about your complain! This over reliance on social media is clouding common sense so much that y'all are beginning to behave like kindagarten aged school kids. If you're so concerned about FCMB & Standard Charter's actions, write to CBN.
ReplyDeleteOh!Shut it! Is it your data.... Oversabi.
DeleteOh!kindly shut it! Freedom of speech. Stella isn't complaining so, what's your own headache? O ga ooo
DeleteWhy don't you start writing, seeing that this thing is paining you sooooooo much?
DeleteThis anon 7.41, you obviously don't know how powerful social media can be. You sound very backward and illiterate. Bringing it to SDK means more people read about the issue, awareness is raised, complaints about FCMB start rolling in and the bank is shamed into addressing the issue. Usually a direct complaint to the bank in question by one individual often has no real effect.
DeleteSo you see why social media is a fantastic tool for information dissemination and awareness raising?
Go back to school.
Anonymous 7:14 made some valid points jor
DeleteAnon 8:18...shebi it's my own data i use? Oya take your own advice & shut the fuck up!
DeleteAnon 8:20...refer above or better yet still take your own advice, freedom of speech kwo? I have exercised mine.
Anon 8:31...I'm not complaining so there's no need to write. If the poster doesn't want to pay for the forex, keep quiet or try elsewhere
Anon 9:09...the literate idiot! What was the avenue of addressing issues before social media? It is your type that can't even keep a university boyfriend that will give advices from the pit of hell to fellow idiots that would rather spill their spousal problem on social media that sort it out in private with their spouses. I can bet you're an ardent chronicles reader & it's just a matter of time before you send yours in, moron!
Hello anon, you are ill informed. Cbn would sanction the he'll outta the bank if this gets to them. Access Bank sells @375 to a dollar and it's slightly different for other currencies. The banks involved will hear it. This is just mystery shopping. Well done for reporting them. The circular sent out by CBN to banks was obviously lost on them.
DeleteMadam. If U want Central Bank dollar rate.U should use the Central Bank for ur transactions next time
ReplyDeleteCBN is only giving them dollars. They still have to source for pounds via interbank. The cross rate will determine the rate at which the funds would be sold. Since u are not buying dollars you can't complain of extortion.
DeletePoster should use central bank???
DeleteNa wa o!
This peace maker Abi trouble maker where did you always keep ur brains while commenting cos ur comments reck of senselessness
DeletePoster, that's the rate for tuition payment, travel allowance and medical bills. It's considered a luxury to do the above and hence the rate given is higher than the official CBN rates. There are schools in Nigeria so going abroad is a luxury , you get? I also got travel allowance at N375 which is much higher than the CBN rate. That's the policy.
ReplyDeleteDid you think before you wrote?
DeleteSending a child to school abroad is a luxury?
Stopit!!
@Kay... yes, I thought before I typed... and I'll say it again, going to school abroad is LUXURY! There are schools in Nigeria so going abroad is not a do or die affair. You can still get your education in Nigeria.
DeleteKay, define luxury, put in the Nigerian context, add exchange rate then come back and repeat that silly question of yours. Oloorun!
DeleteThat's true about fcmb. Was charged about 420 to a dollar over the weekend.
ReplyDeleteCBN is not funding your luxurious shopping life with mastercard.You should be happy you can still using your naira mastercard
DeleteWhy the hate?
DeleteEven access bank my broda's sch fees has been paid since 2 weeks ago yet they have not sent it very stupid bank...
ReplyDeleteIf u can't wait for your turn go and buy black market. No one forced you to send your brother to school in d abroad, if you can't afford it.
DeleteDid they say they can't afford it?
DeletePoverty dr cause anger o!
That's not true. We consumate all fx transactions within 24 hours. Access bank is a stickler for cbn policies. Apologies however if it's unduly delayed. You can contact our contact centre with your details. But for Pta/Bta, it's almost instantly done.
DeleteDo your research before you start ranting and pointing fingers. Rates for school fees and PTA are higher than official CBN rate. It's not by force to go to school abroad.
ReplyDeleteYou sound bitter....
Delete@anonymous 8:50. You are an idiot and a big fool. I shouldn't be exchanging words with fools like you, so you've been dismissed. Oloshi jati jati
DeletePoster you better pack well, that is the real rate for school fees, you guys hear any amount you will not confirm first but to start ranting. You better be guided.
ReplyDeleteWhy don't you open your own bank and operate it the way you want or better still do your transaction at CBN
ReplyDeleteI'm not surprised.
ReplyDeleteHi Stella, the poster needs to be schooled.390 to a pound? She must be dreaming.Form A rate is determined by CBN. I paid school fees last week at 375 to a dollar. After CBN approved the transaction,it was 370 to a dollar and the difference was credited to my account in the same FCMB.This is just an unnecessary outcry.
ReplyDeleteAnons make una easy on the poster nah.
ReplyDeleteWhen I see some comments here, i just shake my head. For some people schooling abroad is not a luxury. How easy is it to get into the Nigerian universities and actually study the course of your choice. As at the time my twin sister has graduated and finished Service, I was still seeking for admission. Wasted 6 good years at home. Had no option than to go abroad, even thought we were not very rich. I just thank God I have parents who would go to any length to get me educated. And besides, no one knows it would turn out this way. My first school fee here in Ghana was less than 300k per semester which my parents could afford as at then. Now it's about 700k. I just thank God this is my final semester. It hasn't been easy.
ReplyDeleteEskush me sir. *Whisper* Ghana is not in the abroad.
DeleteWey done sir.
Excuse me ma, was that the only thing you could figure out from my write up? The emphasy here is paying fee is Dollars. Thanks for letting me know anyway. Weldon.
DeleteAnonymous 14:24. Where did she mention she was schooling abroad?
Delete" for some people, schooling abroad is not a luxury " Read well.
Ankn 15:11, olodo Ni e. She clearly said "I had no option than to go abroad".
Deleteokay oh, so ppl that school in Ghana too na "abroad" we go call am? All na join, abroad na abroad I guess. Lol.enjoy your "abroad" education.
ReplyDeleteWait - you don't know the difference between dollar and pounds? If $1 is 375, £1 is about 460.
ReplyDelete