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Facebook Dumps Nigeria’s Naira For South African Rand - Webmasters - Nairaland

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Facebook Dumps Nigeria’s Naira For South African Rand by ariesbull: 7:39pm On Nov 28, 2016
After the visit of Mark Elliot Zuckerberg, the founder of the biggest social media , Facebook, to Nigeria . This was followed by some “goodwill” on the side of the Mark. Facebook rolled out new payment currency method for Nigeria advertisers. Naira currency was enabled as one of the payment currencies on Facebook Ads. It is a great improvement, not only to Facebook, but also to Facebook advertisers. This is because, advertisers will pay less than what they were paying in USD.


But as it stands today ,it seems that Facebook and the guys in California have come to realise the futility of having Naira in their payment list, prompting the social media giant to yank it off from the list of reliable currency to bank on ,leaving other stable global currencies such as South African Rand and Russian Rubble . Nigerian Naira is been replaced by Argentinian currency.


Nigeria economic policies and that of government strict measures can be attributed to this. With clampdown on foreign exchange . Online media houses and those that shop online are crying wolf, and as it is now there is wolf but the type of wolf can’t be known. Most online shoppers have being jolted by this action and some other foreign action by international payment platforms tanking off Nigerian currency. In a globalized village ,Nigeria currency has been treated as a pariah by some international majors and Facebook action seems to be a tip in the iceberg.


The change of currency by Facebook has rubbished Nigeria’s government intent on buy naira and use naira. As it stand today ,Nigerians wanting to do any transaction online must use the US dollars thereby ensuring Naira impotent. Chinwe Ogbu, an online shopper has registered her displeasure ” I just can’t buy anything online again,” she remarked.


Ifeanyi Obodo, a business man based in Lagos ,the economic capital of Nigeria m, has this to say.” The cost of airline is becoming prohibitive and the exchange rate for dollar to naira was becoming erratic. When Facebook and other international payment platforms introduced naira payment option, it came to us as a respite…but with this action, I don’t know how to transact business and buying dollars is like searching for needle in haystack,” he concluded.
This is an indication that the country’s currency isn’t having the best of time. Economic watchers have said that the decline in Nigeria currency(Naira) has been the worst since the country had her independence. In some waters ,this has been attributed to dwarfing of a giant .


As it stand today, the government has put all the “machineries in motion ” to resuscitate the dying currency. Just few months ago, the World Bank has advised the country to devaluate the currency which the country is finding it a bitter pill to swallow. Will they toe the line if devaluation? Time will tell.



https://etimesafrica./2016/11/28/%E2%80%8Bfacebook-dumps-the-usage-of-nigerias-naira-for-south-african-rand/
Re: Facebook Dumps Nigeria’s Naira For South African Rand by HoneyBee23(f): 7:47pm On Nov 28, 2016
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Re: Facebook Dumps Nigeria’s Naira For South African Rand by resultcase(m): 8:06pm On Nov 28, 2016
Naira would've still been a better option for Nigerians!
Re: Facebook Dumps Nigeria’s Naira For South African Rand by okosodo: 8:24pm On Nov 28, 2016
Hausa must rule, Yoruba must support. You see what you have caused? We are now in 1805 economically because of fetish conspiracy

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Re: Facebook Dumps Nigeria’s Naira For South African Rand by Edwinmason(m): 9:19pm On Nov 28, 2016
bubu come your plans don day work o
Re: Facebook Dumps Nigeria’s Naira For South African Rand by DoyenExchange: 10:24pm On Nov 28, 2016
We need a sound economic system to bring back the Naira. Unfortunately, we are not there yet.

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Re: Facebook Dumps Nigeria’s Naira For South African Rand by Dajugba: 11:12am On Nov 29, 2016
okosodo:
Hausa must rule, Yoruba must support. You see what you have caused? We are now in 1805 economically because of fetish conspiracy


Well said, but this eventually has nothing to do with a region, or culture. It's just the reflection of Govt poor Business and financial policies. Cbn has to reverse it restriction of online transactions to dollar to ensure there is circulations of dollars, onless more company and business may close down, and the naira will keep depreciating it values to Dollar and other currencies.

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