Why is money gram exchange rate different from the CBN directive on naira to dollar. Money gram exchange rate is about N258 to a dollar and the CBN is about N196 to a dollar.

can someone from the banking sector throw more light on this.

The moneygram exchange rate dollar to naira is not fixed , it always fluatuate, as the time of this reply its 373.13
Though am not from the banking sector, Buh CBN rate is different from the bank rate, which is also different from bdc rate which is also different from aboki rate too.
CBN rate is the cheapest, that's the rate CBN will gibe it out to all banks and major bdc.
The bank rate n bdc rate are the rate they will give it out to there customer, which is higher than the CBN rate.
Moneygram rate should fall under bdc rate.
Am sure u already understand aboki rate.
Hope that was helpful