Good day Everyone,

Please I am in quite a fix right now and for now I don't know if there is any solution to this predicament, has Nigeria become so bad?
For the past one month our naira mastercards have now been working abroad even in Ghana. I thought it was a joke until I saw things for myself first hand yesterday.
I placed a call to the GTB Customer care lines and Zenith Bank customer care lines provided at the back of the atm cards to confirm my worst fears and I was told that for now Naira denominated mastercards can't work abroad and they don't know when the issue would be resolved. For now people have cash and they can't withdraw and some are stranded.
So our hard earned money will just be collecting cool Ac at the bank. Right now I am keeping my cool and hopeful that it will be resolved soon because I don't want to start laying all the blame on Buhari, clueless finance minister Kemi Adeosun or CBN.
Has any nairalander experienced this at all and what was the way forward?
please do kindly move this to the front page.
CC: Lalasticlala, puskin , FOD , dominique , naijacutee

dumo1:
Good day Everyone,

Please I am in quite a fix right now and for now I don't know if there is any solution to this predicament, has Nigeria become so bad?
For the past one month our naira mastercards have now been working abroad even in Ghana. I thought it was a joke until I saw things for myself first hand yesterday.
I placed a call to the GTB Customer care lines and Zenith Bank customer care lines provided at the back of the atm cards to confirm my worst fears and I was told that for now Naira denominated mastercards can't work abroad and they don't know when the issue would be resolved. For now people have cash and they can't withdraw and some are stranded.
So our hard earned money will just be collecting cool Ac at the bank. Right now I am keeping my cool and hopeful that it will be resolved soon because I don't want to start laying all the blame on Buhari, clueless finance minister Kemi Adeosun or CBN.
Has any nairalander experienced this at all and what was the way forward?

CC: dominique , naijacutee, FOD , puskin

I am using Naira MasterCard (Ecobank) in Ghana and I am withdrawing.

donifez:

I am using Naira MasterCard (Ecobank) in Ghana and I am withdrawing.

I found out that only eco bank is withdrawing but for other banks it's a no no. even the customer care representatives have no clue about what's going on.
Thanks for the update.

donifez:
I am using Naira MasterCard (Ecobank) in Ghana and I am withdrawing.

please how much are you being charged for making withdrawals?

dumo1:

please how much are you being charged for making withdrawals?

Charges varies based on the exchange rate. My last withdrawal of 16000 naira was 150 cedis.

donifez:


Charges varies based on the exchange rate. My last withdrawal of 16000 naira was 150 cedis.

My withdrawal of 10,000 naira this week was outrageous. I saw a balance of 130 cedis on the atm machine but I was only able to withdraw 60 cedis. the bank charges are ridiculous. I dunno the fraud going on at Ecobank.

dumo1:

My withdrawal of 10,000 naira this week was outrageous. I saw a balance of 130 cedis on the atm machine but I was only able to withdraw 60 cedis. the bank charges are ridiculous. I dunno the fraud going on at Ecobank.

22000 Naira gave me 180 cedis on Friday. The more the Naira sink against dollar, it affects other currencies too. Plus the corruption in our financial sector, we are the one suffering.

donifez:


22000 Naira gave me 180 cedis on Friday. The more the Naira sink against dollar, it affects other currencies too. Plus the corruption in our financial sector, we are the one suffering.

I stopped using my Nigerian cards way back in June as it is High blood Pressure inducing!

Pavore9:


I stopped using my Nigerian cards way back in June as it is High blood Pressure inducing!

So how do you receive and withdraw funds?

donifez:


22000 Naira gave me 180 cedis on Friday. The more the Naira sink against dollar, it affects other currencies too. Plus the corruption in our financial sector, we are the one suffering.

Did you by any chance withdraw on an ecobank atm in Accra?

donifez:

So how do you receive and withdraw funds?

I get my money from Nigeria in form of goods and l resell them. Before (as at mid 2015) if l have N400K in my Nigerian account when l check my balance at an ATM in Nairobi, l see 205,000ksh but with the devaluation now l see only 90,000ksh!

dumo1:

Did you by any chance withdraw on an ecobank atm in Accra?

Yes.

Pavore9:


I get my money from Nigeria in form of goods and l resell them. Before (as at mid 2005) if l have N400K in my Nigerian account when l check my balance at an ATM in Nairobi, l see 205,000ksh but with the devaluation now l see only 90,000ksh!

That is really bad, same here in Ghana. I like the tactics you used, best way to be safe.

donifez:

That is really bad, same here in Ghana. I like the tactics you used, best way to be safe.

I meant 2015 not 2005. That is the best way.

donifez:

Yes.

Lucky you. we have only GCB & BARCLAY'S atm here on campus in capecoast except i go all the way to Takoradi to withdraw with eco bank.

Pavore9:


I get my money from Nigeria in form of goods and l resell them. Before (as at mid 2005) if l have N400K in my Nigerian account when l check my balance at an ATM in Nairobi, l see 205,000ksh but with the devaluation now l see only 90,000ksh!

This is some serious devaluation. which way naija?

dumo1:

This is some serious devaluation. which way naija?

Serious devaluation, that is why Kenyan immigration "don tear eyes" for Nigerians coming over as "tourists" as some are deported on arrival.

Pavore9:


Serious devaluation, that is why Kenyan immigration "don tear eyes" for Nigerians coming over as "tourists" as some are deported on arrival.

For what na? even small Kenya too? how were you able to get permanent residency?

dumo1:

For what na? even small Kenya too? how were you able to get permanent residency?

"Small Kenya" but their economy is more stable with easier access to utilities. I am on work permit in the coming years one will be eligible to apply for permanent residency.

Pavore9:


"Small Kenya" but their economy is more stable with easier access to utilities. I am on work permit in the coming years one will be eligible to apply for permanent residency.

Lol. Nigerians love underestimating countries they have never been to.

Even Benin rep is better in terms of infrastructure and a stable economy

Pavore9:


"Small Kenya" but their economy is more stable with easier access to utilities. I am on work permit in the coming years one will be eligible to apply for permanent residency.

OK that's cool. how many years does it take before one can get permanent residency?

hahn:


Lol. Nigerians love underestimating countries they have never been to.

Even Benin rep is better in terms of infrastructure and a stable economy

I agree with you whole heartedly. they have very smooth roads and nice infrastructure. But they are a very small country compared to Nigeria.

dumo1:

OK that's cool. how many years does it take before one can get permanent residency?

Applicants must have held work permits for at least 7 years!

dumo1:

Lucky you. we have only GCB & BARCLAY'S atm here on campus in capecoast except i go all the way to Takoradi to withdraw with eco bank.

When I was using GCB they do charge me same rate as Ecobank, most times I use society general ATM, that way I pull out my cash to the last 5 cedi. Their ATM do dispense 5 cedis.

dumo1:

I agree with you whole heartedly. they have very smooth roads and nice infrastructure. But they are a very small country compared to Nigeria.

True.

And Nigeria is a very small country compared to the US

"Small Kenya"..see this is what makes some Nigerians unpopular.Its never advisable to belittle others or treat folks in a patronizing manner.With all their wealth and outsized power +influence you'll never hear Bill Gates ,Richard Branson or Mark Zuckerberg belittle others,being patronizing or condescending to others.

God will not give you more power if you use what you already have recklessly.

dumo1:

For what na? even small Kenya too? how were you able to get permanent residency?

Actually the above comment is meant for you ,take heed and be wiser.

donifez:


22000 Naira gave me 180 cedis on Friday. The more the Naira sink against dollar, it affects other currencies too. Plus the corruption in our financial sector, we are the one suffering.

So you guys dont know that the higher dollar rise, the higher the rate for other currencies. all other conversion is based on the dollar rate.

AdaAnambra:
So you guys dont know that the higher dollar rise, the higher the rate for other currencies. all other conversion is based on the dollar rate.

That is what I explained in my quote. I noticed the trend.

AdaAnambra:
So you guys dont know that the higher dollar rise, the higher the rate for other currencies. all other conversion is based on the dollar rate.

leave em nigga who taught the mess would affect only those who spend directly in Dollar!

even within Nigeria it affects. Spaghetti is now #200. in my area, I wonder if they import that too!

donifez, I see you. How is Accra

celestialAgent:
leave em nigga who taught the mess would affect only those who spend directly in Dollar!

even within Nigeria it affects. Spaghetti is now #200. in my area, I wonder if they import that too!

donifez, I see you. How is Accra

Celestial agent I sight you. Accra is tough now coupled with non functioning ATM card. mehn just call it a living hell. Will soon enter Naija though, it is just a matter of weeks.

donifez:

Celestial agent I sight you. Accra is tough now coupled with non functioning ATM card. mehn just call it a living hell. Will soon enter Naija though, it is just a matter of weeks.

This change is indeed one to remember! Thank God I'm not there presently!

God help Naija