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CBN Restricts Use Of Naira Denominated Cards Abroad - Travel (2) - Nairaland

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Re: CBN Restricts Use Of Naira Denominated Cards Abroad by bengems(m): 8:57pm On Jul 07, 2015
na waoh...I just applied for access VISA. so it's useless now eeekwa?

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Mufasa1805(m): 8:57pm On Jul 07, 2015
CBN refuse to subscribe for common sense

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by 20thAccountLOL: 8:58pm On Jul 07, 2015
pappyshun:
Wetin consign me. Cedis all the way!
bros wassup na, how u dey track your cedi?

I dey Ghana, I neva jam any cedi Ooo
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by lexy2014: 9:02pm On Jul 07, 2015
brandymcmb:
This Emefiele guy must be confused
Boko de do their own. Emefiele de do him own with bvn and forex. Buhari no even de do anyone

5 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by dahjor(m): 9:05pm On Jul 07, 2015
I'm not a finance expert, but i'm sensing that the Bureau de change will be in trouble here.
It's a way of making us open a dom acct, and all exchange would be done in the bank and at bank rate... Gbese

2 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by highbeeola(m): 9:07pm On Jul 07, 2015
pappyshun:
Wetin consign me. Cedis all the way!
naso broda nd pesewas join where u dey 4 accra i dey nima
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by hamilton62(m): 9:07pm On Jul 07, 2015
redcap:
They'll soon ban use of western union for outbound transfer.As long as this policy will shore up the value of naira then no problem.
yes, judging from this rate they will for outbound but acceptance of remittance will be encouraged....
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by CHANCEMAN: 9:07pm On Jul 07, 2015
20thAccountLOL:
then they better just scrape ATM
lobbish *incompetent people*
if only they know how much foreign transaction we do with ATM everyday
iranu

That is the whole point of the restriction, to curtail spending on foreign items thereby reducing demand for Fx. When it becomes hard for you to buy goods overseas, you will start considering local alternatives or change your consumption pattern.

6 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by redcap: 9:08pm On Jul 07, 2015
dahjor:
I'm not a finance expert, but i'm sensing that the Bureau de change will be in trouble here.
It's a way of making us open a dom acct, and all exchange would be done in the bank and at bank rate... Gbese



I hope this will be the case but I seriously have my doubts.
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by onajo2000(m): 9:09pm On Jul 07, 2015
I don't know what will happen to online shopping/payment with naira MasterCard

4 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by obajoey(m): 9:11pm On Jul 07, 2015
Sometimes I just wonder when things will be absolutely right again in my dear country.

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by 989900: 9:11pm On Jul 07, 2015
in a circular to banks posted on its website yesterday, the apex bank stated that where a company requires a card for overseas payments, such firms should be encouraged to obtain foreign currency denominated cards, which would be issued against its domiciliary account, prepaid or credit card, “whose limits must be in line with the existing BTA provisions.”

The CBN further directed that henceforth banks must submit reports of all naira-denominated card transactions consummated overseas to the Nigerian Interbank Settlement System (NIBSS) on a daily basis According to the circular, which was signed by the Director, Banking and Payment System Department, Mr. Dipo Fatokun, “The report must be sent electronically in CSV format, via a file upload portal as specified by the NIBSS, which would include the Bank Verification Number (BVN) and the account numbers of the cardholder for each transaction.”


Which is which?

Further clarification needed.

This directive is issued for company accounts?

What?
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Adesiji77: 9:13pm On Jul 07, 2015
shocked
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by ohenhen1: 9:15pm On Jul 07, 2015
Good work by the CBN governor. We need more drastic actions. Defend the Naira, save local jobs.
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by 20thAccountLOL: 9:18pm On Jul 07, 2015
CHANCEMAN:


That is the whole point of the restriction, to curtail spending on foreign items thereby reducing demand for Fx. When it becomes hard for you to buy goods overseas, you will start considering local alternatives or change your consumption pattern.
oh! I didn't think towards that direction, that's a good idea.

but hope it won't affect the normal atm withdrawal in foreign countries?
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by oljacobs: 9:19pm On Jul 07, 2015
The policy is to prohibit use of Naira dominated cards abroad on CORPORATE ACCOUNTS and to encourage use of BTA, dollar dominated cards or cards linked to Dom account.
Source: [url]CBN Circulars[/http://www.cenbank.org/Out/2015/BPSD/Circular%20on%20The%20Implementation%20of%20Controls%20on%20Naira%20Denominated%20Card%20Transactions%20Consumated%20Overseas.pdf]

989900:
WTF is this?!




Which is which?

Further clarification needed.

This directive is issued for company accounts?

What?
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 9:22pm On Jul 07, 2015
okotv:
As long as it helps ths naira....carry go

Nigerians are so mypoic its unbelievable. This policy will dmaage the naira, and worse, the entire Nigerian economy in the long run.

2 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by coretechng1(m): 9:23pm On Jul 07, 2015
Is this to say we can no longer use our naira mastercard to make purchases online?

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by okotv(m): 9:24pm On Jul 07, 2015
nwaenugu:


Nigerians are so mypoic its unbelievable. This policy will dmaage the naira, and worse, the entire Nigerian economy in the long run.
Why not explain without insults ?

5 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by akeensbussy(m): 9:24pm On Jul 07, 2015
well done CBN. With this policy, Nigerians taste for foreign goods will be discourage thereby making us to think and start producing simple items like rice, sugar, milk, sucks etc. it will interest u to know that some Nigerians import Pure water from Alibaba, that is the extent it has gotten to.

importation should be discourage thereby forcing us to look inward and produce Majority of our everyday needed items like Klin Soap imported from Indonesia.

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by otokx(m): 9:24pm On Jul 07, 2015
CHANCEMAN:


That is the whole point of the restriction, to curtail spending on foreign items thereby reducing demand for Fx. When it becomes hard for you to buy goods overseas, you will start considering local alternatives or change your consumption pattern.

The local alternatives are sub standard and even costlier, any which way, there must be way.

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by ManTiger(m): 9:26pm On Jul 07, 2015
This is becoming so messier. I don't even have the freedom to spend my money anywhere!

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by oljacobs: 9:26pm On Jul 07, 2015
Please explain? How does it damage the Naira? All the CBN has done is to request that all banks report on use of Naira Mastercard abroad and demand that Corporate customers buy BTA i.e. Get show evidence of what the forex will be used for before the bank sells to them.

nwaenugu:


Nigerians are so mypoic its unbelievable. This policy will dmaage the naira, and worse, the entire Nigerian economy in the long run.
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 9:27pm On Jul 07, 2015
OMG! I may not be a technical person in terms of economy & finances, but if CBN wants to start seeing every transaction made by Nigerians daily because she has access to the populace's BVN...
[size=18pt]It seems to me like an abuse of our data, daily intrusion into our privacy. And mybe people who are more knowledgeable in this field should pls explain, the whole show looks shady to me.[/size]

Am sure they're going to use the BVN to track launderers but with my little online/international transactions, I am already feeling naked. Tell me I hv nothing to fear if i hv no skeleton in my cupboard.... maybe we'll get used to it wt time. But for now it feels like an abuse of people's data to me.

Make some dough, check my signature and you'll smile.

3 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by erico2k2(m): 9:36pm On Jul 07, 2015
akeensbussy:
well done CBN. With this policy, Nigerians taste for foreign goods will be discourage thereby making us to think and start producing simple items like rice, sugar, milk, sucks etc. it will interest u to know that some Nigerians import Pure water from Alibaba, that is the extent it has gotten to.

importation should be discourage thereby forcing us to look inward and produce Majority of our everyday needed items like Klin Soap imported from Indonesia.
If you have ever imported anything you will give yourself a slap,have you asked yourself why they banned importation of bagged cement? and who does it favour?if they lift the ban on importation of cement a bag will cost N1000, so ask yourself who does the ban favours and enrich,i guess you know the answer..The UK even import tooth pick,banana etc, even rice.

4 Likes

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by Nobody: 9:36pm On Jul 07, 2015
pretydiva:
Don't even no wat dey r saying undecided..abeg mk I sleep jor. Gud nyt y'all
my wife, abeg sleep jor.


i dey ur back de guard u

1 Like

Re: CBN Restricts Use Of Naira Denominated Cards Abroad by babtunsk(m): 9:38pm On Jul 07, 2015
I no understand ooooooo hope dix policy no go affect cedi?
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by guttentag(m): 9:38pm On Jul 07, 2015
I didn't get this message well, does it mean I can no longer use my first bank MasterCard abroad?
Re: CBN Restricts Use Of Naira Denominated Cards Abroad by persius555(m): 9:39pm On Jul 07, 2015
nwaenugu:


Nigerians are so mypoic its unbelievable. This policy will dmaage the naira, and worse, the entire Nigerian economy in the long run.
If nigerians would cut down on their thirst for anything foreign and patronise locally made products, with this policy in place for a period of six months, our foreign reserve will shore up and investors will have confidence in our economy. And the value of naira against dollar will improve. These are the sacrifices we all need to make to save our nation from drowning in debt.

1 Like

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