Experiment: Nigerian student in Ukraine shows how Nigerian bank robs him abroad – video

– A Nigerian student has filmed a small video of withdrawing money from a Nigerian bank card in Ukraine, where he is receiving higher education.

– He was going to withdraw UAH2700 (editor’s note: UAH is an official Ukrainian currency), which was equivalent to $100 and N21784,72.

– Upon completing the transaction the student found out he was charged the extra N8,000. 

A young Nigerian studying in Ukraine has conducted a very engaging experiment in a bid to prove the Nigerian banks make money from their clients living abroad by dishonest means. He has caught it on camera and shared on the Internet, however, without specifying which bank in Nigeria his card belongs to.

It is common knowledge that most banks charge a certain comission for withdrawing money from foreign cash machines; the Nigerian ones are no exception. However, when the hero of the article decided to take out $100, he could not even assume the commission would account for almost half of the sum.

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Initially having N32947 on the bank account, the student was going to withdraw $100, which at the time of filming was equivalent to N21784, 22, according to the official CBN rate, and UAH2700. However, when he clicked the “continue with conversion” button on the display, after which he was supposed to receive the money at the official rate, the caption on the ATM screen notified him the transaction could not be completed.

Then the student tried to withdraw the same amount once again. That time he clicked the “continue without conversion” button, which meant he agreed for the transaction to be made at the black market rate (in the words of the student himself, it was N300 per $1 at the time) – and was given the money. Then he checked the account balance; it amounted to N3019, which meant the student was charged about N29000 for the transaction, almost N8000 more than was required.

Taking into account the increasing amount of excessive bank charges, the Central Bank of Nigeria has recently started to collect the data of the Nigerian banks allegedly involved in the illegal transactions, based on the customers’ reports; at the moment, the clients of the Deposit Money Banks are welcome to make their complaints.

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