How to Read Your Bank FX Statement in Nigeria

When you spend or receive in foreign currency, your bank statement hides the real story — the rate it used and the margin it took. Learning to read it shows you exactly what the exchange rate cost you, and whether you are being overcharged.

What to look for

• The rate applied — compare it to the market rate on the day.
• The margin — the gap from the real rate, your true FX cost.
• Separate fees — transaction and card charges on top.

Checking you are not overcharged

Compare the rate on your statement to the live USD rate for that date — a wide gap is the hidden cost from how banks price FX. Doing this on card spend and inflows is how you catch overcharging, the same lesson as avoiding bank charges.