Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,169,779 members, 7,875,934 topics. Date: Sunday, 30 June 2024 at 03:23 AM

Banks Stop Use Of ATM Cards Abroad #Emefieleconomics - Business (9) - Nairaland

Nairaland Forum / Nairaland / General / Business / Banks Stop Use Of ATM Cards Abroad #Emefieleconomics (52306 Views)

Banks Stop Cash Withdrawal From Overseas Atms / Dollar Scarcity: Banks Cut Customers’ Spending Abroad By 80% #Emefieleconomics / CBN Halts Branch Operations By Bureaux De Change #Emefieleconomics (2) (3) (4)

(1) (2) (3) ... (6) (7) (8) (9) (10) (11) (Reply) (Go Down)

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by obailala(m): 6:48pm On Dec 20, 2015
Herrmes:
You don't strangle someone and say you're not trying to kill him/her.
A hard punch on the chest could sometimes be the only solution to save the life of a person having a cardiac arrest. So yes! some hard policies are necessary sometimes.

You simply do not appreciate how bad things are presently. Oil prices broke the $40 threshold and fell to as low as $34/barrel sometime in the last week. Breaking that threshold put a very large strain on the naira. For example, I withdrew some cash with my GTB mastercard in London at the rate of N333 to a £1 just last weekend but when I did same yesterday, I was charged N398 to £1; never in my life have I seen such a leap. Until Nigerians start standing on long queues to get a bowl of rice to feed their families, many still wouldn't understand the dire implications of the nation presently spending more forex than it earns. Some people are even complaining of being unable to go on overseas xmas vacations grin

4 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by dapsonlou(m): 6:57pm On Dec 20, 2015
That is what happen when someone loot the treasury 7months is not enough to do Six years of damage
It took Obama 3 years to fix Bush's mess.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by dapsonlou(m): 7:02pm On Dec 20, 2015
NgwaManNaija4LF:


You are very stupid, you don't know anything about our economy,you are a typical Nigerian illiterate. We don't need idiiots in this country.

Your Mother , your family Compound and your Whole Village are Ignorant Illiterates.if you have a Real Job or Own a Business that makes money then you Will understand. Ode.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Zipopo(m): 7:02pm On Dec 20, 2015
cuvox:

http://www.punchng.com/banks-stop-use-of-atm-cards-abroad/
cc lalasticlala

Error in transactions...
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by homebase(m): 7:27pm On Dec 20, 2015
Do you mean inflow (electronic) or physical dollar deposit?


o42austino:
ur argument made sense but, not total sense. Yes their is outflow of forex but, u fail to mention that the Government refuse it's people to deposit their inflow forex in their banks and that's making it difficult for banks to find forex to give to its customers.
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by iyb(m): 7:39pm On Dec 20, 2015
homebase:
Do you mean inflow (electronic) or physical dollar deposit?
its physical deposit thats not available but you can still get inflow from abroad into your dom account

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by uchetobi(f): 8:15pm On Dec 20, 2015
Caracta:


Which bank gave you PTA in the last 3 months? The only group of people considered slightly were those on holy pilgrimages.

Or do you want me to show you CBN circular on suspension of PTA/BTA?

I bought PTA on the 27th of nov 2015 from Stanbic ibtc at Idejo, Lagos. That same day union was selling, travelex was selling and ecobank was also selling

I wasn't embarking on any holy pilgrimage

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by darediamond(m): 8:18pm On Dec 20, 2015
We need to. Break up Nigeria first before we youths stage the most Bloddied Revolution in Africa. People like OBJ, Thiefnubuu shall bé the first victim in our Yoruba land. Well this is what you get when Northerners are Ruling not leading.
They are Backward Tribe britain is using. To Retard the progress of we great People in the South altogether!!!
Yorubas and Igbos are truly the Giant Of Africa!!!
You IPOB youths must never stop the Agitation for Biafra. Biafra must BÉ then we shall all bé set free in the South altogether from those useless conspirators like OBJ, Ameachi etc.
Now they want to take everythong away from the we there subject.
May the ZOO FALL soon. AAAAMEN
We are not one in Nigeria and we shall never bé one till the fake union ends.
How can I can cope with a Retard people of Lawlessness in the name of Hausa Fulani??
2sex:
[size=50pt]It's time for revolution[/size]
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Herrmes: 8:22pm On Dec 20, 2015
obailala:
A hard punch on the chest could sometimes be the only solution to save the life of a person having a cardiac arrest. So yes! some hard policies are necessary sometimes.

You simply do not appreciate how bad things are presently. Oil prices broke the $40 threshold and fell to as low as $34/barrel sometime in the last week. Breaking that threshold put a very large strain on the naira. For example, I withdrew some cash with my GTB mastercard in London at the rate of N333 to a £1 just last weekend but when I did same yesterday, I was charged N398 to £1; never in my life have I seen such a leap. Until Nigerians start standing on long queues to get a bowl of rice to feed their families, many still wouldn't understand the dire implications of the nation presently spending more forex than it earns. Some people are even complaining of being unable to go on overseas xmas vacations grin
What is happening to some people is more than a hard punch to the chest, they're far more people suffering as a result of this, whatever it is, than people enjoying it. I don't give a fvck what the present state of things are, they're other means of solving it than cutting off people's legs and telling them to walk. I don't even need to narrate what's making me this frustrated, lemme simplify, I'm a student with a UBA master card, and have 0 Naira on me, while I have hundred of thousands in my account and cannot withdraw it, you get me? So don't be telling me all those, it doesn't matter. I just got my case across to my account manager and she put me on hold till further notice, this has happened for a week now, I've ended up telling you what's up.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 8:29pm On Dec 20, 2015
What happens to online payment for domain name registration and hosting? Does it mean all these websites would shut down?

iyb:
its physical deposit thats not available but you can still get inflow from abroad into your dom account

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by darediamond(m): 8:34pm On Dec 20, 2015
The primary revolution will result to Civil War because I'm sure Buhari's people in The North altogether both educated and otherwise are in Support of his actions.
So now is the rigth time to Split this country because we can not just afford to bé living with complete FOOLS like those useless Tribes in the North. One step forward 20 steps backward is always there way.
This is one of the reasons as a S.Westerner I support IPOB youths.
Let's go our separte ways and Cattle rearers allowed to keep being Rulers to there Primary and secondary Cows!!
I hate not Buhari but the conspirators amidst us in the SOUTH altogether.
The ZOO shall fall.
Henovy:

Please expatiate more on this. It is a serious matter. What we need is a spontaneous one that will even make Boko Haram grin with envy!
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by macherie1: 8:34pm On Dec 20, 2015
feaworaoja007:
Can you imagine?things simply getting worse!how can buhari ever dream of making a dollar equal to 1naira.
It's so obvious this man is a dullard.
Rather be a wailer tha a Zombie
Zombies abroad the supported this man, wailers form's out for sale now,buy yours b4 it becomes to late(you Zombie HIV virus will soon metamorphis into AIDS)
Get your cure now,b4 its too late.
Rather be a wailer than a zombie!
Blinky blink!
How is this Buhari's fault? Did he loot the treasury and squander the excess crude oil reserve? If you don't understand Economics, ask the experts to enlighten you. We don't print dollars in Nigeria and the dollar in circulation is mainly what is realised from sales of crude oil by the government. While petroleum exporting countries like Saudi Arabia have enough in their excess crude oil account to last them for decades, Jonathan and his cohorts looted and squandered ours and here we are today. You should commend Buhari for going after these thieves to recover as much as possible.

2 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by feaworaoja007: 8:44pm On Dec 20, 2015
macherie1:

How is this Buhari's fault? Did he loot the treasury and squander the excess crude oil reserve? If you don't understand Economics, ask the experts to enlighten you. We don't print dollars in Nigeria and the dollar in circulation is mainly what is realised from sales of crude oil by the government. While petroleum exporting countries like Saudi Arabia have enough in their excess crude oil account to last them for decades, Jonathan and his cohorts looted and squandered ours and here we are today. You should commend Buhari for going after these thieves to recover as much as possible.
Zombie Alert! Somone give him a free shot! I dont have time to engage you! Maybe when you take the shot of medication,you"ll recover!!
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by anigold(m): 8:55pm On Dec 20, 2015
cuvox:


http://www

.punchng.com/banks-stop-use-of-atm-cards-abroad/

cc lalasticlala

Madness so that means I cant make payments with paypal again.. for all the tribal bigots that voted for chain una well done..
Soon cbn will tell Nigerians to withdraw only N1000 per day..

Is this how to fight currency devaluation..
The best thing is just to move your family and leave this shit hole called Nigeria. A country with insensitive corrupt leaders.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by anigold(m): 8:59pm On Dec 20, 2015
seggzz:

Do you mean my forex online business will not work? Do you also mean travelling away with only ATM card will not work again? Please Govt should not do this to us. So my travelling this December is under may eh? What type of rubbish policy is this?

Brother na so we see am.. I dont even what sort of devilish and demonic policy is that... its a mad policy...
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by anigold(m): 9:06pm On Dec 20, 2015
The forex part is scary like I have some good amount of usd in ny forex account but I cant withdraw.. its scary..
For those that voted for chain una wicked...
The masses are suffering while the looters are smiling...
The policy of cbn is very harsh...

Smartlife:
First won't this cause money laundering activities. This policy means that there is no need keeping your money in the bank anymore for travellers and co thereby increasing risk of carrying cash about. Nigeria is really heading for doom.

How person go take fund him forex broker, buy from aliexpress and pay for things online internationally... I just regret voting for this present administration.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by poseidon12: 9:13pm On Dec 20, 2015
Cpumping:
na to just go ghana open account.
How will you fund the Ghana account?
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by darediamond(m): 9:18pm On Dec 20, 2015
Bros, Nigeria exports Barrels not Brains like those super developed countries so they make more dollars than Nigeria that spends more than she earns because she as failed to developed herself Technologically and Scientifically.

The Raw Materials used to Manufacture Handsets is what we Africans Sell at a cheap rate but it the Finished products from those R.Ms are what we Import at Exhurbitant Rate.

Nigeria is a Zoo and it shall fall because it was founded on Lies.
China for
o42austino:
I don't understand when people say this country is import Base or that country is export Base but, the truth is all economy worldwide is import and export Base, China is called exporting economy but, the truth is that they are also import seriously import Base economy, many of them are living in Nigeria buying all kinds of mineral, cassava, scrap, palm oil, groundnut e.t.c,the same thing with us and other developed world.

1 Like

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by obailala(m): 9:28pm On Dec 20, 2015
Herrmes:
What is happening to some people is more than a hard punch to the chest, they're far more people suffering as a result of this, whatever it is, than people enjoying it. I don't give a fvck what the present state of things are, they're other means of solving it than cutting off people's legs and telling them to walk. I don't even need to narrate what's making me this frustrated, lemme simplify, I'm a student with a UBA master card, and have 0 Naira on me, while I have hundred of thousands in my account and cannot withdraw it, you get me? So don't be telling me all those, it doesn't matter. I just got my case across to my account manager and she put me on hold till further notice, this has happened for a week now, I've ended up telling you what's up.
I totally feel your pain and you are not alone in this; I am also personally affected by the policy because I live in london and do a lot of business with my nigerian mastercard. But while I feel like strangling someone, I take a deep breath, think about it and realise that the person I want to strangle isnt really the culprit responsible for the problem.

I foresee the CBN giving in to pressure soon and devaluing the naira massively from $198 to about $300. But that may not also still solve the problem in the short term.

2 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Herrmes: 9:36pm On Dec 20, 2015
obailala:
I totally feel your pain and you are not alone in this; I am also personally affected by the policy because I live in london and do a lot of business with my nigerian mastercard. But while I feel like strangling someone, I take a deep breath, think about it and realise that the person I want to strangle isnt really the culprit responsible for the problem.

I foresee the CBN giving in to pressure soon and devaluing the naira massively from $198 to about $300. But that may not also still solve the problem in the short term.
I was supposed to leave Accra for Chicago then will get back to Nigeria for the new year, but as it is now, I may just stay here till further notice, the thing is even when the solve the problem temporarily, they would relax and the same damned thing will come back to haunt us, I don tire oh.
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by chukzyblingz(m): 9:36pm On Dec 20, 2015
TeOwl:
are you trying to use it online or in an ATM?


I use my card to shop online, but I've not used it for some months now. Few weeks ago, I tried to withdraw with my ATM, but couldn't. I will try to shop if o can
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Cpumping(m): 9:42pm On Dec 20, 2015
poseidon12:
How will you fund the Ghana account?

smuggle plenty dollars to ghana na
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by yelgolddotnet(m): 10:21pm On Dec 20, 2015
One day e go better..
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by TheGoodJoe(m): 10:35pm On Dec 20, 2015
arabianights:


You even bothered to respond? The level of intelligence amongst our youths is just scary.They have no knowledge on politics, economy.....hell theyt dont even know much about their own backyard.Coming out to blame this administration over what is obviously an accumulation of economic fraud during jona's administration

It frightens me now. I am not joking. I am literarily frightened at the level of ignorance of today's youths.

What we are facing today is the careless mismanagement of the economy under GEJ. I remember during the election when Bullion vans drove wildly repeatedly for months on the streets of Port Harcourt with the stolen wealth of the Nation.

Did any body expect such wastage not to have a negative effect on the economy. Goodluck wasted a windfall that would have buffered the system from this kind of situation. But, no, they must steal in Billions of dollars.

Now everyone is shouting Buhari is a dullard. Is he the one that mismanaged the economy?

Nigerians should understand we are in a frightening situation caused by absolute neglect and wickedness of the past government and pray this government can do something to salvage the situation.

4 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by TheGoodJoe(m): 10:39pm On Dec 20, 2015
obailala:
I totally feel your pain and you are not alone in this; I am also personally affected by the policy because I live in london and do a lot of business with my nigerian mastercard. But while I feel like strangling someone, I take a deep breath, think about it and realise that the person I want to strangle isnt really the culprit responsible for the problem.

I foresee the CBN giving in to pressure soon and devaluing the naira massively from $198 to about $300. But that may not also still solve the problem in the short term.

Millions of economic graduates in this country but I am yet to read ideas to salvage this situation.

It is this time we suppose to see our economists flooding the papers with ideas and analysis. I see nothing.

2 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by dammieplus: 10:43pm On Dec 20, 2015
I think we can spend time educating ourselves on foreign reserve/exchange and what the implications of spending foreign currency. A country can print whatever amount of its local currency it wishes to; its consequences are local inflation and consequently weakening of its local currency. Of course, one cannot print another country's currency.
So how does Nigeria gets forex? We get forex by exporting crude oil, the foreign currency received is kept by CBN, which it pays out in naira equivalent to the Government. Our foreign reserve got to as high as about 50 billion USD about a decade ago, ideally it steadily grows, but now its about a half of that.
The Foreign reserve ideally is used to back up a local currency, and defend the local currency (keeping the exchange rate steady). In import-dependent countries like ours - it is also used to finance importation. Importers buy these foreign currency from CBN, and use it to buy stuff abroad (paying the CBN in Naira, thus depleting dollar which is only refunded by Oil Export). Most other countries do not to use their need foreign reserve to finance importation, as the forex businessmen receive from Exportation could take care of importation needs. This is not so for Nigeria.
So when the foreign reserve is depleted, and the foreign earning is minimal: One simply do not have enough forex (dollars). And you have to decide what to do with your limited dollars, whether to import fuel, or chicken or build your reserves again (but not all at the same time). It gets worse when you are trying to defend the value of the Naira.

This is a bit i learnt recently. Please feel free to correct any misconceptions .... I am constantly learning.

6 Likes 1 Share

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by obailala(m): 10:45pm On Dec 20, 2015
TheGoodJoe:


Millions of economic graduates in this country but I am yet to read ideas to salvage this situation.

It is this time we suppose to see our economists flooding the papers with ideas and analysis. I see nothing.
Our economics graduates only study so as to pass exams, and when they get to the job, they simply follow already laid down company templates and traditions, no innovations. grin

5 Likes

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 10:51pm On Dec 20, 2015
erico2k2:

Are U sure? With the daily withdrawal limit of 300 daily??
very sure saw plenty guys in dubai they use pos in shops to shop but dont collect the items instead they collect cash less 4 percent
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by iykedare(m): 11:18pm On Dec 20, 2015
Caracta:
Makes no sense. Do you want travellers to suffer?

You suspended PTA/BTAs. You cut down daily withdrawal limit on mastercards used abroad. You suspended foreign currency deposits into domiciliary accounts. You placed limits on western union and moneygram outbounds.

Now this? I laugh.

Suspended foreign exchange deposits into domiciliary account? I'm expecting my school in Canada to refund my tuition. Hope there won't be a problem since they have suspended foreign exchange deposits into domiciliary accounts?
Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by olafusimic(m): 11:20pm On Dec 20, 2015
My friends, there is only one thing the CBN is trying to protect: the foreign reserve.

It should stop using the outdated managed float exchange rate policy. Advanced countries freely float their exchange rate. If we keep pegging the dollar to N197, not even a $60 billion foreign reserve will save us. It will eventually run out. And all this demand control mechanism is not economically sound, just a way of pushing the inevitable forward.

I understand that Emefiele doesn't want the political pressure that will come with having the naira exchange at the prevailing market rate and let the foreign reserve be used for more strategic and nation building purpose. But this stopping all online payment denominated in foreign currency is economically more damaging and unsustainable.

A sound economy is built on trade. You focus on where your comparative advantage lies. Even if we try to build everything we need, it will take us decades to have high tech industries that build useable cars (not assemble them) or a mobile phone. And that is like going back to the stone age where everyone built everything he needed himself.

It's unfortunate that in this modern days, when other forward thinking countries are building capacity for high value industries and shifting low value production to other less forward thinking countries, our country is obsessed with going back to the 18th century when you avoid banks and governments.

We borrow to pay salaries and oil subsidy, instead of building infrastructure that will grow our production/economic capacity.

The only way to make things better is to improve the supply side. Give Nigerians constant electricity (even if you have to borrow from IMF to do it) and watch businesses rise and bloom. Make it easier for businesses to start and run, not increase taxes and fining the few doing well. Set up industrial research institutes and promote innovation, not funding snail business and poultry farming seminars for NYSC people (did they spend 5 years in Uni to go start snail farming?).

No country grows by sharing the nation's fortune among a few and transferring pain to the masses.

4 Likes 2 Shares

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by dammieplus: 11:40pm On Dec 20, 2015
olafusimic:
My friends, there is only one thing the CBN is trying to protect: the foreign reserve.


The CBN is not just trying to protect the foreign reserve. The foreign reserve is depleted (almost gone), and there's little earnings to add to it. If we plot a trajectory of the foreign reserve over the past year or two, it will be empty in a few months. We currently spend more forex (dollars) than we earn. In an import dependent country, this is more than a disaster. The situation is made even worse because the CBN is still holding on to a false declaration of the value of the naira, the naira probably worth even less than the parallel market is buying it. The only solution is perhaps devaluation, which is perhaps inevitable and will probably have worse consequences for the common man (the real common man).

2 Likes 1 Share

Re: Banks Stop Use Of ATM Cards Abroad #Emefieleconomics by Nobody: 11:57pm On Dec 20, 2015
ATM - are you outside Nigeria? I have some things to pay online in January 2016... i am wondering how i would do with this issue now.

chukzyblingz:


I use my card to shop online, but I've not used it for some months now. Few weeks ago, I tried to withdraw with my ATM, but couldn't. I will try to shop if o can

(1) (2) (3) ... (6) (7) (8) (9) (10) (11) (Reply)

Small Generator Ban: Does Buhari Hate Small Businesses? / Coronavirus: List of markets shut down by Lagos State Government / How To Make A Huge Success Online With PPD

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 75
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.