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Why are* banks charging so high for online forex?

@EzekielJ wrote:

Am I missing something? I am of the opinion that since interbank exchange rate of the dollar to naira is still at N199.95, online transaction that does not require physical cash like the BDC should be done at this CBN rate. Why then is bank charging customers for online transaction as if physical cash is involved?

Because of this, I could not pay my developer some cash last week due to this free fall of niara.

Maybe I am missing it somewhere as this is not my area.

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