Naira free fall had it’s negative impact on Nigerians today as TransferWise decided it can no longer offer Naira transfers. From today, April 15, users will not be able to make or accept payments using the Naira. They sent emails out to their customers announcing the move and I think it’s a bit tragic because it’s not been a year since they started accepting Naira transfers in the first place.

TransferWise is an international online money transfer service that provide alternative fund transfer as they charge cheaper than banks, Banks and other providers charge up to 5% in hidden costs when sending money abroad. TransferWise charges 8x cheaper.

The Nigerian Naira and South African Rand were the only African currencies TransferWise supported, but now that we’ve been booted off the list of supported countries, we’re down to just the Rand. You don’t need a prophet to tell you that TransferWise stopped support for the Naira because of the sheer uncertainty of it all. As a result of fallen Oil prices, the Naira is worth a lot less than the CBN is pretending it is, and this dichotomy has created a wide gulf between “official” and “black market” rates.

To curb the demand for scarce Forex, the CBN tried to restrict the use of Naira cards abroad but it appears that’s not as much of a band-aid as they hoped. It’s going to be a long way to redemption. TransferWise is not a unique case though. Remember Uber?

Way to go, guys. We need to put the Nigerian economy in rice.

http://www.financialwatchngr.com/2016/04/15/naira-crashes-out-of-transferwise-money-transfer-services/

Oh yes. Buhari is working, until everything somersault zombies won't hear make we remove this man before it becomes too late to do so. Who was that person that attended to Abacha? If the person is still alive, he or she should please befriend Buhari.

Buhari economics is working... Wailers are wailing!

Hian

I got the mail too. Devastating. Does anybody know any other cheap alternative?

AccidentalGenius:
I got the mail too. Devastating. Does anybody know any other cheap alternative?

how much is transferwise as in naira against pounds

ASL33:
how much is transferwise as in naira against pounds

Pretty much the same. It's the cost of sending that's reduced.

Okay o

yomalex:
Okay o

Yomalex please I need to hear your opinion. Transferwise aren't verifying my account because I submitted Driver's license. I even submitted my old driver's license. They claimed to only verify Nigerians with a valid Nigerian passport? How were you verified? Is it the same with you, too? I understand they wouldn't accept my utility bill because it doesn't carry my name but the ID... What do you think?

AccidentalGenius:



Pretty much the same. It's the cost of sending that's reduced.

Please I need to hear your opinion. Transferwise aren't verifying my account because I submitted Driver's license. They claimed to only verify Nigerians with a valid Nigerian passport? How were you verified? Is it the same with you, too? I understand they wouldn't accept my utility bill because it doesn't carry my name but the ID... What do you think?

maximunimpact:
Naira free fall had it’s negative impact on Nigerians today as TransferWise decided it can no longer offer Naira transfers. From today, April 15, users will not be able to make or accept payments using the Naira. They sent emails out to their customers announcing the move and I think it’s a bit tragic because it’s not been a year since they started accepting Naira transfers in the first place.

TransferWise is an international online money transfer service that provide alternative fund transfer as they charge cheaper than banks, Banks and other providers charge up to 5% in hidden costs when sending money abroad. TransferWise charges 8x cheaper.

The Nigerian Naira and South African Rand were the only African currencies TransferWise supported, but now that we’ve been booted off the list of supported countries, we’re down to just the Rand. You don’t need a prophet to tell you that TransferWise stopped support for the Naira because of the sheer uncertainty of it all. As a result of fallen Oil prices, the Naira is worth a lot less than the CBN is pretending it is, and this dichotomy has created a wide gulf between “official” and “black market” rates.

To curb the demand for scarce Forex, the CBN tried to restrict the use of Naira cards abroad but it appears that’s not as much of a band-aid as they hoped. It’s going to be a long way to redemption. TransferWise is not a unique case though. Remember Uber?

Way to go, guys. We need to put the Nigerian economy in rice.

http://www.financialwatchngr.com/2016/04/15/naira-crashes-out-of-transferwise-money-transfer-services/

Please I need to hear your opinion. Transferwise aren't verifying my account because I submitted Driver's license. They claimed to only verify Nigerians with a valid Nigerian passport? How were you verified? Is it the same with you, too? I understand they wouldn't accept my utility bill because it doesn't carry my name but the ID... What do you think?

With this new development is it possible to transfer fund to a south African account. Pls help if u know any other way I can send funds to South Africa even tho its in dollars. Thanks.

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