Topic: N1778.6725 = 1$ on Chipper cash. Why the discrepancy with current rate? (Read 192 times)

After Binnace and Kucoin were stopped from offering P2P service, I have used Chipper Cash a few times to make my trade, and back then they had one of the highest rates compared to other CX exchanges offering the P2P service before they disabled their USDT deposit at that time. Since then, I have not checked their rate again.
 
Cheaper cash is not the only offering to buy USD at a lower price and sell it to customers or offer service to customers at a higher price; yellow cards are also found doing the same with remitano; the difference might not be as big as that of chipper cash, but their buying and selling price difference is above 20-30 naira.
 
Then again, if you remember back April, May, June, and July for those that import goods from abroad, you can attest that the rate that the customs service uses in charging for goods clearance is way higher than the official CBN rate, which is not supposed to be so, and they did this openly. It was just recently that I read somewhere that the rates have been equalled, so in a situation where every agency is doing their own thing as it pleases them, what more do you expect from those international countries that's rendering service to s? 

Chipper cash services are always on the high side and I don't know why, maybe it is dependent on the level of taxation the Nigerian government exposes them to. I have used their virtual cards to buy some digital assets sometimes back and I didn't enjoy their services at all.

When you leave your card unused for a while, you come back and see it has been deactivvated and you must activate it back with $2, and when a provider tries debiting your card and you do not have enough money on the card, Chipper cash still debits you, even leaving a negative value in your balance to be repaid when next you have funds in the account. They are really extorting people here.

I wish most of these platforms could at least accept payments in USDT or USDC, and these online payment platforms and even Nigerian master cards would be temporarily ignored by me when making international payments.

Thank you for bringing up this topic for discussion here I think I should say my mind and experience as well. For quite sometime now I have been thinking about creating a thread of this type for discussions with respect to chipper cash transactions but be it as it may, a topic has been raised in regards to it. Chipper cash has been a reliable source of online payment and I believed that they have been in existence for quite some time now but I find it very disturbing how they inflate the naira value. So far their conversion rate is way too higher than the normal exchange rate even higher than the rate on p2p platforms. The government would not tell us they do not know about this because this transaction is been executed by one of the big banks which is well known here in Nigeria.

The last time I did make payments, I was charged #1800 for 1 dollar which made me wondering if truly what we are seeing on the p2p platform is exactly what it is in the actual sense. Our financial institutions are all messed up. They are the ones abetting naira inflation and devaluation as I see no reasons why the price should be that high when it is executed through the bank which is the financial institution of the nation. This keeps me asking myself questions as to who the real naira manipulator's are and I wouldn't say the p2p platforms are the wreck but rather the banks and government are the orchestrators of the ploy.

It defeats the purpose because I don't think anyone would be attracted to buying the dollar at 17778 and selling for lower than that. Unless the person is not intelligent. Honestly I still do not understand their business model. An ideal that came to mind is to compare the dollar to naira rate on the other international payment platform. And maybe to also ask those who use their Nigerian mastercard like Charles-Tim if the  notice any discrepancy in the rate  when making international payments.

I do not believe that the government is not aware of them, but maybe they are lobbying to keep the government silent and keep them looking away. This is very possible and something wey fit happen normally in Nigeria.

The manipulation is to attract people who are drawn by high rates, and it is actually working for them.

This is true. I had the same experience and it was why I had to leave their company. I had a card only used once and cost around 3k to create the card. I came back a month later to reuse it but it was no where to be found. Support said the same thing as you said and I immediately left. I got my grey finance card a year ago and it still works flawlessly even if I don't use the card for over 6 months. Chipper cash reminds me of a Payday. It has the product with Chipper and Grey finance but was founded by a serial scammer.

Chipper cash lost money to FTX. It seems they push all of that deficit on their users to bear

No mind our governments, dem go leave people dem supposed dey regulate wey dey offer a typical centralized service come dey worry P2P people. Our governments get something against us na the thing. I no go shock me say some governments get hand for all this platforms then wey scam people wey wan use them trade. The difference the clear and na why I no dey use platforms like chipper.


Na manipulation na, when even the official price for Google no dey correspond with within we dey buy/sell dollars, why others no go manipulate the price to their favour to get better profits. Sha if you wan get visa or MasterCard and e dey hard you as I see say banks no dey offer am again, e get some banks wey dey give virtual  master/visa cards and you can use them for all your online purchases and e go go through. Access Banks na one wey I dun use and e dey work very fine.

I don't have this app installed in my phone but to me the manipulation and price variation is much, i don't know if they accept cryptocurrency so that you can just fund your account and then trade to NGN since there rate is high you could have a good cashout from them. I think i have been told to download that app but i am not that familiar with it and i don't want to use it because i barely trust app, instead would prefer using exchange that offers p2p. About leaving your USD there, this depends like i see i don't think government would ever allowed dollars to rise above 1640 per price in exchange like bybit.

Do not mind my first post. During Buhari time, I was unable to pay YouTube premium with my naira mastercard again, but it started working again some months back. It is still working till now. But because of this post, I wanted to fund my Bet365 account with $10 but not working. The card is not even recognized. But I think to buy items from foreign online store like Amazon, paying should not be an issue.

If you are referring to dollar master card that can be gotten online. I think it is good. But the one that I subscribed on got disadvantage. The disadvantage is that you can not continue to subscribe on it because it is a one time payment. That was the reason I stopped using it.

I did not stop using Chipper cash because of the rate. I stopped using them because they are fraud. When my bank stoped working for YouTube premium during Buhari time, I used Chipper cash. I stopped using it. But after two months later, I want to use it but I did not see my card details anymore. I contacted their customer care, they said it has expired because I did not used it. What that should expired in 3 or 4 years got expired in just 3 months. That is a scam. I used 3000 naira to get the card.

Yes. Unfortunately, someone has to bear the cost and Chipper cash has chosen their users to bear it. If you're in the market for an alternative, I have been using Grey Finance for a little over a year now. I used it to make my X subscription and other payments like Vps services. Works great and the rate is competitive and not as expensive as chipper cash.

Chipper cash is still king though. They opened operations immediately after FG banned naira cards for international payments.

This is bad but what I am thinking is that they do not want to come off as an app that manipulated the naira since it is not as popular as the crypto apps where these exchanges occur. Therefore I think that anyone who sees them in the light of making quick gains from the dollar during the time it as trending would have lost so much.

A necessary evil indeed. The need to stay in business and make profit.

Well if that's the case these apps are just exploiting the poor regulations of dollar price in the country because the rate at which its place to get a dollar on their service is outrageous and I believe they know that even at the long run people will still use it that's why the value is placed so high because I believe even crypto exchange has high bids for buy USDT but not at this wild range of price difference, well like you said they are so many other options to used and for me I have never really chipper cash and I prefer Eversend and I have used their dollar card alot especially during the restrictions of the master card to verify my X account (bluetick) and it costs lesser than the particular figure am seeing here.

That is the reason. Unfavorable price means the person or site that set the price themselves is making more money from people that are buying the dollar form the price set.

Naira MasterCard is working now for international transactions since many months ago. It is still the best over those cards.

And the irony for the pronunciation of their name CHIPPER CASH wey sound like place clients suppose the get cheap cash transactions compared to the usual exchanges platforms we dey use but na them get one of the high rates so far when selling.

Like you take am, na Fed government dey cause all these non-uniform prices on the naira because them refuse to do and follow the right economic rules to fighting inflation against the naira rather them the use manipulation means in the fight which has constantly resulted to temporary solutions but with longer casualty on the country's currency causing it to constantly devalued in the international market almost at will by marketers in the rate they deem appropriate.

Chipper cash is taking advantage of their customers to milk as much as possible out of any conversion. If you wan change from Naira to USD, they charge a high rate for you to buy USD but when you want to sell USD to naira, the rate is lower. That is for buying — USD = N1778 but selling, they will want to buy it back at USD = 1520 (not confirmed, assumed). As person wey been dey run exchange services in the past, I fit talk for sure say chipper cash dey make plenty money just from setting the rate like that.

This is their primary product and if they don't offer such rates, they won't be able to pay staffs + settle other operational expenses. I think of it as a necessary evil.

You see all this international payment platforms and even our local exchanges they are the biggest manipulators of this dollar/Naira currency swap, the chipper cash has always been know for its Non favourable price when swapping from one international currency to another. I don’t understand maybe that’s their own transaction fees added up their but it is really frustrating not to talk of their poor service this days. My advice is do not even leave off your money on them because even if naira depreciates more you wouldn’t get that high rate to convert back to it. Storing on crypto centralized exchanges is even more convenient when we compare their risk self.

For international transactions if the master card doesn’t works the alternative for chipper cash can be Geegpay and Cleva, you can try them out too to see

I have posted about this before when naira was around ₦750 to a dollar.

If you want to buy, the rate will not favour you. If you want to sell, the rate will not favour you. United States dollar in P2P market is around ₦1604. But as you can buy it on Chipper cash at ₦1778, you can sell it at ₦1430 or a price closer to this.

I used Chipper cash when Emefiele banned the used of naira mastercards for international transactions. I left Chipper cash and load money with USDT on an online mastercard that I found on Binance. But luckily naira MasterCards are working back now.

I no blame them sha since na d government say them wan dey operate on parallel market. Chipper cash for long no be international payment app wey I gbadu like that because e don tey wey I see the discrepancy in prices between them and the government own. Them no be international payment app wey person go wan gbadu because limitations dey too much for the thing again for how much you go wan spend monthly for the thing. And if you wan do exchange with them, them go buy at a very low price from you and go sell at a very high price for you. There na last option to buy anything from international, I wish more apps dey wey person fit use to dey compete with them, maybe them go wan reduce their things to a reasonable amount.

Abeg why is there a discrepancy between the dollar rate on exchanges and international payment app like Chipper cash. I wanted to make an international payment today and decided to make use of their services. I was shocked when I noticed their exchange rate - N1778.6725 = 1$
How these people take arrive at the figure bikonu? Abi nor be Dem dey manipulate the economy pass the supposed exchanges wey the government accuse? Another question be say shey if I leave the money there in USD , e go increase if the rate go up?