Time to start using my payoneer atm

Hmmmmm.... The way Buhari focused on this dollar issue seems as if its only working on dollar thats on his agenda's list.

These idiots re busy dominating innocent citizens to their injury. Hardship everywhere

When God has made virtualy everything available, but immediately man laid his hands on them, things became hard to get and only d few ones have d access to them.

werey Government.. was that ehy GtB wanted to charge me 1Ghana Cedi for #71?

naso Naira don bad reach?? oleh ppl

cuvox:


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

cc lalasticlala

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?

dabriggs:

I have also been informed about this development.

Funny, I do not see how this will weaken the dollar against the naira. This would simply increase demand for the dollar.
In a country where things are easily smuggled in and out, who told them some cartel would not take over the dollar market?
If they want a strong Naira they know what to do. To me these are just but cosmetic approaches.

A lot of the small and medium scale importation businesses are heavily reliant on imports from online sites. Unless there is an alternative that Nigerians will accept and patronize, they will simply cause inflation. Coupled with the fuel scarcity, reduced power supply and the mere fact that this is the yuletide period, I see a terrible brew.

Do you have a solution to the weakening Naira? give suggestions and let's see? I'm afraid of the economic outcome of these austerities likewise

This is baaaaaad!!!!!

[size=50pt]It's time for revolution[/size]

Why why why? .??

Bizzare measures also include stiffling SME's? Do you know how many NL'ers import from ebay, aliexpress, amazon, etc? Do you know the implication as regards unemployment? The salary you are probably collecting now could be stopped any moment due to 'unfavorable business environment'. Do you know what the crime rate would be? What alternatives has the govt provided to ameliorate trade condditions for SME's? Do you know that SME's are the engine that drive most economies not the fortune 500 coys? Do you know that PTA/BTA has been suspended and deposits of forex into dormicilliary accounts suspended too?

Please suggest one universally acceptable way Nigerian importers can send money abroad for their transaction and while you are at it, please know that even in the quest to drive local manufacturing, raw materials are also imported.

smudge2079:
desperate times call for bizarre measures.

My Diamond bank Visa card stopped working. I was wondering what the problem could be. Bad news.

2sex:
[size=50pt]It's time for revolution[/size]

dont see that happening mate

Wow. And my foreign business depends on my ATM Cards.

Someone should please shoot the CBN governor for me.

What kind of going backwards is this?

Even small countries with no resources withdraw money abroad.
You stopped business men from traveling with money and now you are stopping them from withdrawing money oversea.

This devil of a President should mind what he does to Nigeria.

This #emefileconomics sef. so i no go fit order my cheape cheape accesories from aliexpress again..

hope its for the better sha

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.

Out of all these, the one I do not get is the suspension of foreign currency deposits into domiciliary accounts save for those who have not done the BVN.


Obviously if you cannot meet obligations from BTA, PTA, cards, imports, payments etc at government preferential rates then those who need forex will have to look for alternative sources if they cannot do without the foreign elements

They cannot give what they have not got can they. Reduction in dollar oil revenue will have an impact.

asha80:
dont see that happening mate

why?

walahi,

dabriggs:

I have also been informed about this development.

Funny, I do not see how this will weaken the dollar against the naira. This would simply increase demand for the dollar.
In a country where things are easily smuggled in and out, who told them some cartel would not take over the dollar market?
If they want a strong Naira they know what to do. To me these are just but cosmetic approaches.

A lot of the small and medium scale importation businesses are heavily reliant on imports from online sites. Unless there is an alternative that Nigerians will accept and patronize, they will simply cause inflation. Coupled with the fuel scarcity, reduced power supply and the mere fact that this is the yuletide period, I see a terrible brew.

The banks are not doing it to weaken the dollar.
They just cant fund the purchase of dollars at the present rate.
I heard unconfirmed reports that banks are owing mastercard and visa almost unimaginable debts in recent times.

kulobyno:
No more travelling with many ATM cards. Trust Nigerians a new measure to curb the hardship would soon emerge

Two of u up the are thinking from ur backside.my niece studies in the US the quickest way for me to give her money is pay into her First bank current account. And she withdraws with her atm there.this stops that.and u are charing this silly development due to no clear financial brains.

na to just go ghana open account.

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.

Please educate me on the limit on western union and money gram

mbulela:


The banks are not doing it to weaken the dollar.
They just cant fund the purchase of dollars at the present rate.
I heard unconfirmed reports that banks are owing mastercard and visa almost unimaginable debts in recent times.

No not directly. This reaction by the banks is due to the current economic realities.

how do we pay for domain name and hosting?

calculusx:
Tough times ahead. Was almost stranded xterday trying to pay hotel bill with 4 different cards. Had to part with the little $ cash on me.
When they steal and deplete Forex reserve, the masses suffer for it. I wonder how people who rely so much on the use of their Nigerian Bank Cards to pay bills will survive?
All looters of our treasury, past & present should be locked behind bars. All these Policies will only put innocent Nigerians in a very stringent situation while the looters will always have their way.

Nigerians, how did we get here?

Dude it is a serious matter o.
At this rate the dollar will easily reach 300 by next weekend. travellers will have to fund their trips by cash. So if dollar is scarce via official routes, the black market will have to make a way.

dabriggs:


No not directly. This reaction by the banks is due to the current economic realities.

And also as a result as having a pry school pupil to rule us. These are times we need brains in the financial sector.the way things are going there won't even be any money left to be stollen.what nxt

Baba God save nigeria.We never knew dis is the change.[color=#990000][/color]

This government will soon realised that you cannot punish the rich for a very longer time. They will surely find alternative with the assistance of even people in government but the poor suffer stringent conditions like this being put in place. Most of Nigeria billionaires have foreign bank account and direct access to their use but the common man doesn't. If foreign products prices increase by 400% in a day the people in government won't feel it but the masses. I believe there are several ways government can catch a looters instead of these masses-purnishment monetary policies. They promised to create employment but they are not making business environment conducive for banks and small scale businesses and even big scales. Who are the people behind these policies? Are they Nigerians? How proudly can you call yourself a Nigerian when you hold a Nigerian Bank card abroad and you cannot spend it while other African national are spending without limit abroad. These conditions called for express reviews before it is too late for APC.

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.

.. and you believe this is the best ,a closed society whereby ordinary citizens can't get foreign exchange why your politicians spends dollars in both in Nigeria and abroad freely . Nigerians open your eyes

BrianRoss:
i hope dis decision helps, we really need to find a way out of dis hardship
as soon as possible

meanwhile HAPPY SUNDAY NAIRALAND