justBreathe:
As received from my bank just now:

"Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000."

What does this connote?

No more AliExpress?
How far does this go please?

Are you just getting to know this? This your bank must be very slow.

Na this reason make me get GTB dollar card early this year. This na stale news.

CSTRR:
There are no more dollars.
The remaining are now in the hands of politicians.

Libya and Angola now export more oil than Nigeria thanks to oil theft.

Oil, our major dollar spinner has been mismanaged.

Which country mismanages its best forex earner, if not Nigeria.?

And yet you idiots want to elect crooks again as president?

Na God go punish una papa, for voting against my interest and the interest of this country.

Against your interest... Man no one knows who will do better ... No go dey decieve yourself ooo

thebosstrevor1:


interesting, what is your location

Benin

Which bank sent this?

justBreathe:
As received from my bank just now:

"Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000."

What does this connote?

No more AliExpress?
How far does this go please?

Ishilove:
I laugh in Ukwuani!

Smh

�����How Ukwuani laugh dey sound? Nwanne madu, dele?

Kajaard:


I withdraw dollars with my card when I am outside the country from any VISA or MASTERCARD bearing atm machine. I only withdraw cash from any branch of my bank from the counters. I don't know of any other way.

sorry, can one fund ones dom account with naira, or how do I put money into it Incase I want to pay for something abroad

olumide4christ:


Are you just getting to know this? This your bank must be very slow.

Na this reason make me get GTB dollar card early this year. This na stale news.

Hi, dollar card Domiciliary account card isn't it?
Please can you tell me how to fund my account, can I do bank transfer from my naira account, and hope the procedure of getting one isn't hard?

Viraltrends123:
sorry, can one fund ones dom account with naira, or how do I put money into it Incase I want to pay for something abroad

No. You can only fund it with dollars.

Here is how you go about it: you purchase the dollars from the black market at what ever rate they are selling it and deposit it into your dom account. Whatever balance you have in your dom account is whatever purchasing power you have with your USD debit card linked to that account.

Ashirioluwa:


I received same message from First bank this morning.

The message is clear and self explanatory. It implies that you cannot conduct any foreign exchange transaction using those cards specified in the notice. Those cards can’t be used to pay for any international transactions like paying for goods on Amazon or UK visa fees online. Those cards are restricted to local naira transactions only.

To conduct foreign or international transactions then you need to obtain any of the following cards listed below with limits of up to $10000.

- Visa Debit Multicurrency Card
- Visa Prepaid (USD) Card
- Visa Gold Credit Card

Do you know how to fund those cards?

murmee:
Sorry to add another angle to this topic. Can someone please explain to me why it is now difficult to receive money sent from families or associates from abroad. When you go to any bank in Nigeria to process money sent from abroad through Moneygram or Western Union or Ria, the first thing the bank will tell you is that Dollars are not available. Some banks will say they only have smaller denominations like $20 or $10. Why are the banks doing this?

They are all mfs bro

I suggest you use Fintechs to receive your funds from your famz abroad

Changera premium plan, FX kudi, klasha etc does that.

Kajaard:


Cash in dollars.

Here's a tip - here's a secret, most banks outside Lagos state or Abuja will tell you they don't have dollars. So I always go to the branches in Victoria Island in Lagos where they always have dollars. Thank me later

at what rate?

I use chippercash or international transactions.

Kajaard:


No. You can only fund it with dollars.

Here is how you go about it: you purchase the dollars from the black market at what ever rate they are selling it and deposit it into your dom account. Whatever balance you have in your dom account is whatever purchasing power you have with your USD debit card linked to that account.

Kind of stressfull, so one have to take convert ones Naira to dollar at black market.

Please can I receive money into it from maybe someone's abroad. How do you receive money?

Ishilove:
I laugh in Ukwuani!

Smh

You dey laugh in a whole Local Govt. My own for that matter

Kajaard:
Yeap. Most Nigerian banks will stop the use of their naira denominated cards for foreign transactions.

Just open a domiciliary account and get a dollar denominated debit card and do your online transactions stress free from now on.

The point is not opening a dorm account. The point is where to source for dollars to fund the dorm account

murmee:
Sorry to add another angle to this topic. Can someone please explain to me why it is now difficult to receive money sent from families or associates from abroad. When you go to any bank in Nigeria to process money sent from abroad through Moneygram or Western Union or Ria, the first thing the bank will tell you is that Dollars are not available. Some banks will say they only have smaller denominations like $20 or $10. Why are the banks doing this?

I can help you recieve money from your family at 500 ngn per dollar ..

Payable as soon as confirmation has been made.

Kajaard:


I have both the GTBank and UBA USD debit cards. I got the GTbank card 2 years ago so I cannot remember if I was charged for it, but the UBA card my domiciliary account was debited $10 for it. I got the UBA card this year and I must admit it's been seamless for online payments far better than the other one.

Mine is a Gold USD card and the limit monthly is $10,000 ( ten thousand USD monthly).

How did you go about the UBA

Kasssandra:
Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

Well said!

Kajaard:


No. You can only fund it with dollars.

Here is how you go about it: you purchase the dollars from the black market at what ever rate they are selling it and deposit it into your dom account. Whatever balance you have in your dom account is whatever purchasing power you have with your USD debit card linked to that account.

Can I buy crypto directly with a dom account or is there any other way I can convert it and then buy a stable coin, so I can sell through p2p and get naira instead of withdrawing dollar and exchanging through aboki

pocom35:


PDP did not try anything

oil production averaged 1.8mbpd during their time with oil averaging $90-$100

in this current regime

at a point oil production averaged $1.6mbpd and prices were around $40

when prices rose ..production drop..

today prices are averaging $100 but production is 0.9mbpd

there is a difference..
also those years with PDP.. nothing like covid 19 or russia ukraine palava

the truth is every country is feeling the heat.. ...

go to ghana ..they have reached a point that they are now seeking bail outs

Are you aware that the reason we are not meeting our 1,8m barrels per day quota is because of oil theft? Who is stealing the oil? You said we doing 0.9m bpd who is stealing other half? Is it not those in government?
What has Buhari said or done since these oil theft of a thing started in earnest? Nothing. You know why, he is part of those stealing our oil.
stop defending criminals in government becasue of party affiliation, they make billions of dollars daily while they pay you n30k per month to defend them on SM. Forget Ukraine and Russia, the reason our inflation is this high is becuase of banditry and insecurity which Buhari also contributed to because he used state machineries to provide support for bandits and terrorists.

Be wise bro, the evil you defend today may affect you negatively tomorrow.

thebosstrevor1:


go get a gt dollar account and apply for a card for N1k

the yearly cost of maintenance is just $10 dollars

they sometimes give you $30 as discount when buying things online

Would the deduct the $10 at the end of the year. Or when

chymeze:

The point is not opening a dorm account. The point is where to source for dollars to fund the dorm account

From black markets all over the country. Each state has a black market Street where Hausa men sell and buy dollars. Just ask around.

Ishilove:

Emu uno

I'm from ebendo

Viraltrends123:
Hi, dollar card Domiciliary account card isn't it?
Please can you tell me how to fund my account, can I do bank transfer from my naira account, and hope the procedure of getting one isn't hard?

Yes it is.

You will have to open a domiciliary account. The process is just the same as opening a naira account, references etc.

But you will have to buy dollars at black market rate and pay it into the account to fund it...or you give someone you know who has a funded dollar account the naira equivalent and the person will transfer the dollars into your new account.
I used the 1st method but I will advise you to ask the aboki whom you want to buy the dollar from to meet you at your bank so that you can pay him cash or transfer and then you collect the dollars and pay into your account while he is there so that the cashier can confirm that the dollars is genuine.
My 2 cents.

srrrr:

Can I buy crypto directly with a dom account or is there any other way I can convert it and then buy a stable coin, so I can sell through p2p and get naira instead of withdrawing dollar and exchanging through aboki

You can buy crypto with a dollar or euro card linked to your dom account. You need your card for this.

akseph1:

How did you go about the UBA

It's not difficult. Get your documents ready: means of identification e.g driver's license, one month utility bill showing your valid home address, 2 reference forms filled by people that have a current account( not savings account), BVN and NIN and submit at the customer care section of any branch. It takes 5 working days to be ready.

olumide4christ:


Yes it is.

You will have to open a domiciliary account. The process is just the same as opening a naira account, references etc.

But you will have to buy dollars at black market rate and pay it into the account to fund it...or you give someone you know who has a funded dollar account the naira equivalent and the person will transfer the dollars into your new account.
I used the 1st method but I will advise you to ask the aboki whom you want to buy the dollar from to meet you at your bank so that you can pay him cash or transfer and then you collect the dollars and pay into your account while he is there so that the cashier can confirm that the dollars is genuine.
My 2 cents.

Thanks. Can I use to pay someone outside the country, or receive payment from someone abroad.

Same message I received from First bank, I opened a dollar account when same happened from UBA, all foreign transaction must be in the sellers currency, aliexpress is dollars only.....

Viraltrends123:


Kind of stressfull, so one have to take convert ones Naira to dollar at black market.

Please can I receive money into it from maybe someone's abroad. How do you receive money?

Yes you can receive money. My salary is being paid into it. If you are receiving funds just give the person sending you money your account number, branch sort code and the swift number. You can get these details from your bank. Funds take a max of 1 week to reflect in your account

Kajaard:
Yeap. Most Nigerian banks will stop the use of their naira denominated cards for foreign transactions.

Just open a domiciliary account and get a dollar denominated debit card and do your online transactions stress free from now on.

.
How much does it cost to Maintain a domiciliary account?

Topmaike007:
I use chipper cash and that solve my own issues

their rate is ridiculously high. 730 naira for 1 dollar. no be thief be that??