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Posted by Felix Okoli on Sunday August 28, 2016 at 22:57:39:

I was charged N380 for 1 US dollar when I made a foreign payment with my card on the 25th of August 2016. The rates tend to vary from time to time.

What exchange rate does GTBank use when a customer uses their Naira MasteCcard for making foreign payments? Well, based on what I've seen, their exchange rate varies from time to time depending on the official price which the CBN uses for that currency.

If you are using a Naira MasterCard for instance and want to make payment on a website that bills in a foreign currency like the US dollar, the amount you'll be charged will be in Naira and will be based on the exchange rate which the bank has used and this will be influenced by the price of that currency in the market.

Based on my experience, the exchange rates which banks like GTBank use to bill their customers tend to vary from time to time and I have to say that this 2016 has witnessed the highest fluctuations as the Nigerian Naira has fallen so low since January 2016.

The exchange rate I'm normally charged tends to be a bit higher than the official price set by CBN and much better than what is available at the black market. For instance, I was billed at N380 per US dollar even thought the black market price was about N410 and the official CBN price was N343.

How I got to know what exchange rate GTBank used for my Naira MasterCard was through the transaction alert I got as it indicated the dollar and Naira amounts. The last one showed that the Nigerian Naira has fallen so low to N380 as it was almost N400 per dollar.

The different exchange rates I got in 2016 for using my GTBank issued Naira MasterCard were as follows:

- February 2016: N284 per USD
- July 4 2016: N330 per USD
- August 26 2016: N380 per USD

It seems that the Naira may keep falling in the future unless the government does something to stabilize it.

After making payments to in US dollars with your GTBank Naira MasterCard, you will get a notification from them that reads "International Transaction Notification on Your Card" and about 24 hrs later, your bank account will be debited while the amount of the transaction will be indicate in both Naira and US dollars. You can then calculate the exchange rate used in Nigeria by dividing the Naira value by the US dollar value.

I think the bank rates used for Naira cards are much lower than what you'd get from the black market but at times, there may be restrictions to card usage depending on CBN regulations.

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Comments:
Re: GTBank Naira MasterCard exchange rate per US dollar Reply by Abdussamad Ahmad on Monday August 29, 2016 at 6:17:57:

Hello
According to my experience
Last week I was charge at the rate of ₦399 per dollar when I used my Naira Master card for a transaction via online pos

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Re: GTBank Naira MasterCard exchange rate per US dollar Reply by lucky james aigbokhan on Saturday October 15, 2016 at 12:38:39:

Hi.
I'm auto dealer with much of international transaction. The quarterly transaction have affected my business so much by restricting my demands for products.I want to know how much it will cost me through ATM mastercard withdrawal in euro and maximum amount to withdraw daily.
Thanks.

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Re: GTBank Naira MasterCard exchange rate per US dollar Reply by Felix Okoli on Saturday October 15, 2016 at 12:38:39:

It's best you get a Dollar Mastercard. Nigerian banks have now started limiting or stopping the use of Naira cards for foreign transactions.

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