Though the Federal Government pegged the exchange rate at N305.25 to a dollar, the American Consulate in Nigeria exchanged N400 to a dollar in visa application fees for one fiscal year, until yesterday.
This was deduced from the visa fees and exchange rate published on the website of the American Consulate:http://www.ustraveldocs.com/ng/ng-niv-visafeeinfo.asp.
Consequently, at the exchange rate of N400 to a dollar, a Nigerian applying for the non-immigrant U.S. visa at $160 fee was made to pay N64, 000 instead of N48, 840. The N400-to-a dollar exchange rate allowed the U.S. Consulate to cream off excess gain of N15, 200 per applicant. Even at the black market rate of N370 to a dollar, which was sustained for months, the consulate made an excess gain of N8, 400 on each visa granted Nigerians. Read more