Like seriously I fear for Nigeria, we need Gods intervention, soo many students stranded some selling the laptop, phones and properties just to go home, it's unprofessional all of a sudden the master card stops working without notice and 80% of students use master card NIGERIA WHATS HAPPENING.....May God safe us.

Hmmmm lord have mercy..

hmmmm, sorry guys
shizzy7, please explain the Atm card brouhaha to me oooo

AzontoGhost:
hmmmm, sorry guys

shizzy7, please explain the Atm card brouhaha to me oooo

There is this new policy here concerning debit cards, some people have been protesting at CBN headquarters. One naira to a dollar is now 270 highest in 40 years, pounds is going haywire... so they could be suffering....

Things might come down after the holidays..

shizzy7:
There is this new policy here concerning debit cards, some people have been protesting at CBN headquarters. One naira to a dollar is now 270 highest in 40 years, pounds is going haywire... so they could be suffering....

Things might come down after the holidays..

hmmmm, I bet only Nigerians understand this.

more questions---

do majority of the people like the policy?

how is the policy helpful in 9ja's economy?

How do Nigerians access their local accounts from other countries?


please answer me and pardon me for my ignorance on this policy

AzontoGhost:

hmmmm, I bet only Nigerians understand this.

more questions---

do majority of the people like the policy?

how is the policy helpful in 9ja's economy?

How do Nigerians access their local accounts from other countries?


please answer me and pardon me for my ignorance on this policy

You cannot make foreign payments with your naira debit/credit card. You cannot shop online and pay in £/$ or any other foreign currency, if you travel abroad, your card will not work. The policy should take effect on the 1st of January 2016 but I think some banks are already implementing it. The aim of implementing it is to reduce or prevent the importation of forex because it weakens the naira.

***The policy is frustrating and inconvenient to banks and people who are involved in foreign transactions or businesses but there are exceptions like payment of school fees, professional exams e.t.c. The customer will request for a Form A from his/her bank and the payment will be allowed.

***CBN has been implementing different policies such as reducing ATM withdrawals, prohibiting banks from accepting dollar deposit, placing ban on some imported products. It is all in a bid to strengthen the naira against the dollar, to halt our foreign exchange reserve from depleting further and also to prevent the possible devaluation of naira.

****I don't know how they access their local accounts but an alternative should be provided by next year when all banks starts implementing it.

The problem we are facing now is because of oil and mismanagement. The global price keeps reducing, in fact nobody wants to buy our oil again and 90% of our revenue is based on oil. The current administration keeps talking about diversifying but I don't know the steps they are taking towards achieving that because we import almost everything.
All these monetary policies by CBN is just in the short run, Until something substantial is done, we will eventually have to devalue the naira, rebase(like your country) or we go into recession..

Long story Epistle according to Azonto...

shizzy7:
You cannot make foreign payments with your naira debit/credit card. You cannot shop online and pay in £/$ or any other foreign currency, if you travel abroad, your card will not work. The policy should take effect on the 1st of January 2016 but I think some banks are already implementing it. The aim of implementing it is to reduce or prevent the importation of forex because it weakens the naira.

***The policy is frustrating and inconvenient to banks and people who are involved in foreign transactions or businesses but there are exceptions like payment of school fees, professional exams e.t.c. The customer will request for a Form A from his/her bank and the payment will be allowed.

***CBN has been implementing different policies such as reducing ATM withdrawals, prohibiting banks from accepting dollar deposit, placing ban on some imported products. It is all in a bid to strengthen the naira against the dollar, to halt our foreign exchange reserve from depleting further and also to prevent the possible devaluation of naira.

****I don't know how they access their local accounts but an alternative should be provided by next year when all banks starts implementing it.

The problem we are facing now is because of oil and mismanagement. The global price keeps reducing, in fact nobody wants to buy our oil again and 90% of our revenue is based on oil. The current administration keeps talking about diversifying but I don't know the steps they are taking towards achieving that because we import almost everything.
All these monetary policies by CBN is just in the short run, Until something substantial is done, we will eventually have to devalue the naira, rebase(like your country) or we go into recession..

Long story Epistle according to Azonto...

oh I see... Thank you
I can feel you don't appreciate/agree to this policy.

we the outsiders will be on watch so better pray it goes very well with you on this your A1 policy oooo I will support you with fasting n prayer
such a lengthy epistle though Lolx
Ghana redenominated her cedis and it paved way for convenience else people carrying 'Nigeria must come' bags full of cedis to buy agege bread wouldn't be news .lol

shizzy7, my bbm is set but I can't find you
I miss you :-)

AzontoGhost:

oh I see... Thank you
I can feel you don't appreciate/agree to this policy.

we the outsiders will be on watch so better pray it goes very well with you on this your A1 policy oooo I will support you with fasting n prayer
such a lengthy epistle though Lolx
Ghana redenominated her cedis and it paved way for convenience else people carrying 'Nigeria must come' bags full of cedis to buy agege bread wouldn't be news .lol

shizzy7, my bbm is set but I can't find you
I miss you :-)

Na so your fasting and praying will be on NL when the e-wars commence.

*Bags full of cedis to buy bread??* it can't be as worse as that of Zimbabwe because we will have a revolution or invade your country no laws will stop us from coming. Your population will hit 60 million within 2 months and there would be NOTHING like "Nigeria must go"...

You and all these your miss you eh ... I don't understand why you are always missing

shizzy7:
Na so your fasting and praying will be on NL when the e-wars commence.

*Bags full of cedis to buy bread??* it can't be as worse as that of Zimbabwe because we will have a revolution or invade your country no laws will stop us from coming. Your population will hit 60 million within 2 months and there would be NOTHING like "Nigeria must go"...

You and all these your miss you eh ... I don't understand why you are always missing

hehehe
i've seen everything with my korokoro eyes
miss you cos like poles repel n unlike ones ...

catch you tomorrow!