Launches Afrigo, to set deadline for existing card shemes

With the launch of the National Domestic Card scheme, Afrigo, the Central Bank of Nigeria (CBN) has said it will be coming up with a deadline for the existing card schemes in the country afterwhich they will no longer be eligible for domestic transactions.

Speaking at a virtual launch of the card scheme on Thursday, the Governor of the CBN, Godwin Emefiele, said: “all domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

Noting that the domestic card scheme avails the country “the sovereignty of our data” in addition to coming at a lower cost, Emefiele added that “at this time when foreign exchange challenges persist globally, it is important that we have this card to ensure that all card transactions, online transactions where you’re using cards will now effectively immediately begin to go on the Nigerian National Domestic system.

“At some point in the next few weeks, I’m sure that the CBN will come up with the cut-off. We will no longer pay dollars for those cards, for the charges on those cards.”

https://leadership.ng/breaking-cbn-bans-dollar-charges-on-domestic-transactions/

Nice one from CBN, but the deadline for discarding the old currencies and getting new naira notes should be extended by one week

Let me not pretend to understand anything here..

Way to go!

Before we become Ghana

The advantages are enormous.

This will also lead to newer innovations in the fin-tech industry which will in turn lead to more tech jobs.

Interesting 🤔

Emefiele would have been a brilliant agent for our economic growth but with Buhari and his cabals that cares about nothing but retrogression the young man is just wallowing in confusion.

OBI is here.... Everything will be okay!

So this guy knows all this good policy but why now?🤔🤔

Atiku will review all these...

Continue if it will help the masses

Discontinue if it will impoverish the masses

Why not also ban holding of more than $1,000, and other hard currencies for individuals (in hand or bank) illegal

I Pray all this law fix the Inflation and bring back $100=N150

Emefiele wan kill that man before him time.
They'll come for my head as if i was referring to their candidate.
Mtchewwww.

E dey pain urchins say just Few weeks to the election emefiele come get sense all of a sudden!!

Tinubu must contest!!

That mouth wey him and him useless urchins dn make say him go win the election, I wan see the outcome!!

Emebobo is getting positively useful for once.

Bubu still dey use corner eye dey look the Emefiele himself.

When he's done completing this national assignment, Buhari go use another person press him belle to vomit everything wey him swallow inside too.

If only I know what emiefele is thinking......but in my opinion, the reason why most people want the CBN govenor to extend the deadline is the reason why he really shouldn't!

For the first time, the CBN govenor is in a position of power, February is supposed to be that time year when an unusual amount of money will be in circulation, dollar and Naira....

He is trying to boost the value of the naira by restricting the actual use of the naira and triggering a hyper demand......

Also if he is thinking, what I think he is thinking, use the excess old notes in the system as leverage especially in the rural areas to pull the unbanked into the banking system!!

So this I think will work, refuse to extend the deadline, allow the elections and the protest following invalidated currency to increase, then let people change the money on the grounds that it must be deposited in a bank account!!

Place restriction and charges accordingly on certain volumes of cash accordingly, that way people don't use it as a business, where one person is helping 20,000 change old notes.....

It can work

Is not clear but will it affect JAPA people?

Haha let the game begin 😂😂

Ok.

I do data entry related jobs.
Kindly check my signature for my contact

Ok

Psalmistproject:
Emefiele would have been a brilliant agent for our economic growth but with Buhari and his cabals that cares about nothing but retrogression the young man is just wallowing in confusion.

OBI is here.... Everything will be okay!

As usual.....its otheŕ peoples fault

I understand nothing

You

CBN mean business oooo

When are they going to ban dollar transactions on buying of delegates during party primaries.?


Laws are made for the poor in Nigeria.

I need clarification

Does it mean that oil companies in Nigeria wont be importing crude oil with forex again?

God1000:
Nice one from CBN, but the deadline for discarding the old currencies and getting new naira notes should be extended by one week

no because they gave us enough time to do that, but we always do I don't care attitude in this country until it get to die minutes, we will now be rushing.

kokoA:
Let me not pretend to understand anything here..

Financial jargon can be hard to grasp but it's not rocket science. Read it over and over and google the bits you don't understand.

That's the method I use.

It is well.

If it will reduce dollar rate against naira, then it's good if not then it's useless...