The Nigeria economy is currently witnessing one of the greatest pressures in history which have seen the country's currency somersaulted from the sky to the ground as regards to foreign exchange.

With measures to cushion the effect of the falling Naira and the insufficiency of foreign currencies the Apex bank recently handed money deposit banks in the country a policy that asked them to commence the restriction of the use of ATM cards by their customers while abroad

Many folks out there have misunderstood this directive handed to money deposit banks in the country by CBN which will prevent bank customers from using ATM cards while abroad.

And so we decided to give you a breakdown of this policy in order for you to know what it fully entails and on what transactions are now allowed or restricted

Firstly, the policy will prevent those with Naira dominated ATM cards from using their ATM cards outside the country on all types of transactions ranging from withdrawal transaction to online transactions and to POS transactions etc.

But if your ATM card is dominated in foreign currency, let’s say in Dollars, you will not be affected by the policy while abroad as you can still carry out all your transactions there with your Dollar dominated ATM card.

Secondly, while in Nigeria, the policy prevents the use of your Naira dominated card on any transactions that is not in Naira, for example, you will no longer be able to use your Naira ATM cards to transact on online shops that accepts only foreign currencies like E-bay, Amazon, AliExpress, Godaddy etc. but you can still use the cards on online shops like Jumia, Konga, Slot etc. that accept Naira payment.

On the reversal, if you are using foreign currency dominated ATM card, you can no longer do a ATM withdrawal transaction with it here in Nigeria but you can use it to transact on those online shops that accept only foreign currencies.

For those with Payoneer MasterCard, you should know that your Payoneer card is dominated in foreign currency and with the present policy; you will no longer be able to make ATM withdrawal transactions with your Payoneer while in Nigeria but you can opt to use it on those sites that accept foreign currencies.

Now, what will be the way forward for those that still want to transact online with ease under this new policy?

Source: http://highteknology.com/2015/12/breakdown-on-latest-cbn-policy-that.html

Sai Baba don finish payooner users oooo

Only God will deliver us in this country

I'm still at loss as to how this new policy would strengthen the Naira against the dollar. Rather, I see it weakening a lot of businesses. God help us.

This will adversely affect online shoppers. Indirectly, the policy is forcing individuals to open domicilliary account. Another main constriant here is that one will not be able to pay cash into the domicilliary account. Double wahala!

You will be funding it by Fx transfer

bongolistik:

For those with Payoneer MasterCard, you should know that your Payoneer card is dominated in foreign currency and with the present policy; you will no longer be able to make ATM withdrawal transactions with your Payoneer while in Nigeria but you can opt to use it on those sites that accept foreign currencies.

I'm sorry but I disagree with the above quote. The intent of the CBN restriction is to control the outflow of foreign currencies from Nigeria as our foreign reserve is depleting. But in the in case of Payoneer, we are bringing in foreign currency into the country.

When you use Naira dominated cards on foreign sites and overseas, you are moving money out of Nigeria and our banks will have to settle the receiving parties but for Payoneer, you are bringing in money, so Payoneer or the relevant authorities will pay our banks.

In short, the money flowing out of Nigeria is WAY HIGHER than the money flowing in.

I stand corrected though.

The CBN policy will only affect Naira denominated cards. I don't think Payoneer will be affected.

knostbrown01:
Sai Baba don finish payooner users oooo

Yeeee, just know the intensity of the damage. This is too bad. @bongolistik, please explain some things to me, or anyone else that's knowledgeable about this. My question: Using foreign dominated cards on Nigerian Atms, isn't it serving as a source of forex revenue for the country?



Frontpage, puskin, naijacutee, FOD

ferhyntorlah:


I'm sorry but I disagree with the above quote. The intent of the CBN restriction is to control the outflow of foreign currencies from Nigeria as our foreign reserve is depleting. But in the in case of Payoneer, we are bringing in foreign currency into the country.

When you use Naira dominated cards on foreign sites and overseas, you are moving money out of Nigeria and our banks will have to settle the receiving parties but for Payoneer, you are bringing in money, so Payoneer or the relevant authorities will pay our banks.

In short, the money flowing out of Nigeria is WAY HIGHER than the money flowing in.

I stand corrected though.

It makes sense. It would be stupid for them to stop Payoneer MasterCard withdrawals because we are actually bringing in fx into the country and the Banks stands to gain alot as they will deduct their normal charges together with profits from the fx rate they have set.

That's what happens when u vote in a Fulani herdsman

Are we moving forward or backwards as a nation?
#iwonder . . .

Just received a mail from my bank saying I can make international online transactions but placed a monthly limit of $1000.

ferhyntorlah:


I'm sorry but I disagree with the above quote. The intent of the CBN restriction is to control the outflow of foreign currencies from Nigeria as our foreign reserve is depleting. But in the in case of Payoneer, we are bringing in foreign currency into the country.

When you use Naira dominated cards on foreign sites and overseas, you are moving money out of Nigeria and our banks will have to settle the receiving parties but for Payoneer, you are bringing in money, so Payoneer or the relevant authorities will pay our banks.

In short, the money flowing out of Nigeria is WAY HIGHER than the money flowing in.

I stand corrected though.

My dear, you tried with your logic, but what you don't know is that by January 1st 2016, all ATM in the country will be set to accept transactions from only cards dominated in Naira. And ur Payoneer is dominated in Dollars, so I repeat you will not be able to carry out withdrawal transactions in Nigeria with your Payoneer after 31st of this month

automania:
Just received a mail from my bank saying I can make international online transactions but placed a monthly limit of $1000.

off course you can make international online transactions from now till 31st, the policy has not yet been implemented. It will kick-start by next year.

Have a read a post where someone mentioned opening an account in Togo or Beni republic. I do not have all this type of transactions to do so am not bothered.

I think #cbngovernormustgo

bongolistik:
My dear, you tried with your logic, but what you don't know is that by January 1st 2016, all ATM in the country will be set to accept transactions from only cards dominated in Naira. And ur Payoneer is dominated in Dollars, so I repeat you will not be able to carry out withdrawal transactions in Nigeria with your Payoneer after 31st of this month

Okay.

This will affect importation business greatly. As the ease of paying for your goods will be truncated. I see Western Union as the only hope (The ish is that there's a limit one can send ). How'd people pay for their domains and hosting for foreign hosting? SMH for this kind of policy

This is a sign of a confused CBN running from pillar to post trying to prevent the inevitable with all these knee jerk laws. In the process millions of citizens are negatively affected. as we speak I am abroad with friends for the break - we all decided not to buy FX at black market rate in Nigeria but to use out GTB mastercards. Now we are all stranded trying to get funds across. I hate to imagine what people with medical bills etc abroad are facing at this time. The CBN should wake up and realize that our currency is finished and devalue instead of all this weekly policy change.

Greetings,
I need a little help here! I've been reading all sorts of scary news lately about the uncertainties in Nigeria's banking sector.
More especially, the "prophecy" by different economists and financial analysts that 2016 promises to be tougher than we all imagine. Now my question:
Is it advisable to go withdraw my money from the bank, save it the traditional way, and then prepare for the worst?
I don't trust this bank people. Perhaps tomorrow, minimum deposit would skyrocket to 100k and the lying liars would start blaming GEJ while the yam eaters in power would tell me stories concerning my money.

Pls advise.

mayorbch:
Greetings,
I need a little help here! I've been reading all sorts of scary news lately about the uncertainties in Nigeria's banking sector.
More especially, the "prophecy" by different economists and financial analysts that 2016 promises to be tougher than we all imagine. Now my question:
Is it advisable to go withdraw my money from the bank, save it the traditional way, and then prepare for the worst?
I don't trust this bank people. Perhaps tomorrow, minimum deposit would skyrocket to 100k and the lying liars would start blaming GEJ while the yam eaters in power would tell me stories concerning my money.

Pls advise.

You can read this to know how to cope in 2016
http://highteknology.com/2015/12/how-to-cope-and-way-forward-on-latest.html

All these guys better be wise on time, if not NG will suffer a lot.

Or better still, let me just wake up tomorrow and it was all a joke by some idiots in power...

Mtcheeeeeeeeeeeeeeeeeeeeeeewwwwwwwwwwwwwwwww

ferhyntorlah:


Okay.

Hello I thought, With Payoneer, you can make transfers to your bank account. How is that done please? That may be the way out if the ATM is blocked. Alternatively, you can purchase items abroad, import them and sell them. Not exactly a short cut but, eventually you get some funds..

ferpozie:


Hello I thought, With Payoneer, you can make transfers to your bank account. How is that done please? That may be the way out if the ATM is blocked. Alternatively, you can purchase items abroad, import them and sell them. Not exactly a short cut but, eventually you get some funds..

It was possible to transfer money from Payoneer to local bank account at the early part of the year BUT they later STOPPED it.

ferpozie:


Hello I thought, With Payoneer, you can make transfers to your bank account. How is that done please? That may be the way out if the ATM is blocked. Alternatively, you can purchase items abroad, import them and sell them. Not exactly a short cut but, eventually you get some funds..

Nigeria was removed from that feature early this year.

ferhyntorlah:


It was possible to transfer money from Payoneer to local bank account at the early part of the year BUT they later STOPPED it.

please can people with payoneer transfer money to their domiciliary account here in Nigeria? At least if transfer to local account is restricted, what about Dom account?

idrisalomagold:
please can people with payoneer transfer money to their domiciliary account here in Nigeria? At least if transfer to local account is restricted, what about Dom account?

no longer possible

idrisalomagold:
please can people with payoneer transfer money to their domiciliary account here in Nigeria? At least if transfer to local account is restricted, what about Dom account?

Dorm account is still a local account.

ferhyntorlah:


Dorm account is still a local account.

no it's not

I Have A Dollar Debit Card Provided By GTBANK. .


It works perfectly