Why do we have an entirely different exchange rate on Luno crypto wallet in Nigeria?

[Kingsley]

I noticed that the exchange rate varies on several platforms in some platforms just like the Luno platform the dollar to naira exchange rate is far higher than the regular exchange rate on other platforms, if the ban is lifted people traders on Luno can withdraw directly and make the additional profit on the Luno platform rather than losing it by using the p2p.

I realise that on Luno the naira to dollar is about $1 to N1254 which is very far to the reality on ground even at the black market where it stays at between N500 to N600. So I wonder what explanations could be rendered for such an astronomical difference between other platforms.

On binance and other platforms the exchange rates seems to agree and the difference most times are highly insignificant as compared to what we have on the Luno platform. Although I am very comfortable with the Luno platform until I noticed the huge difference in their exchange rate which tends to be very misleading sometimes.

What's your take on this?

 

[sincerem]

I think Luno price update around their listed coins isn't matching that of real world price update. They are over stating the total amount sent in to their wallet, they are doubling it from its accurate price. That's course for concern, cos one will think, he's funds are very high, trying to sell it. But found out, that the value isn't what he think. It will be a devastating one.

Luno should do their utmost best, to correct this, before it will go out of hand, and tarnish their site image.