How long does an update last that they didn't give a specified return date? This one sound indefinite. Smells like bankruptcy to me.

grandstar:
I am sure their financial partners dropped them following the money laundering case in Kenya.

I have about $4 left on my dollar card.

I learnt www.chippercash.com is a good alternative. Nevertheless, I am really gutted.

I use chipper cash

frranklin:


I use chipper cash

I downloaded it this morning and they said their dollar virtual cards has been suspended.

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I'm surprised that there's no discussion of a working alternative on this thread. What's the next step? What are the alternatives?

Tutormo:
Lemme go and withdraw my $95 remaining on the card

Just withdrew mine shaperly

Moh247:
Flutterwave needs to create a new PR strategy, people are scared of them

You better be, it not a good company in my own opinion

Inali:
This is a ghenghen thing. Why is this happening to us?

Anyway, I have decided to take part in the next season of the NEXT TITAN season 9. Make I win 20m and start a business abroad abeg

Congratulations!!! Also watch Lions Den today kn Africa Magic by 8:00pm

doraala:
Something tells me they are in a big mess

Yes, they are

frranklin:


I use chipper cash

Another wonderful app

Honestly, doing any foreign denominated transaction in Nigeria is becoming difficult. Even for students to pay for admission application fee is no more possible. If you do not have someone or a family friend that you could beg to help you pay and you reimburse the person later in Naira or however he/she wants it, you are on your own. All my foreign transactions have been paid by friends and families abroad, of which i reimburse them later. Our country is finished. We still do not know the importance of value system in a society. Once your value system and trust have been eroded, even your best friend will abandon you. I wont be surprise if in the coming years, SWIFT stops honoring LCs from Nigerian banks.

One of my clients is into importation and does lots of LCs. The foreign partners always insists that the confirming bank on any LC must be from US or EU, else they are not dealing. Even Nigerian banks with presence in UK are not acceptable by some foreign companies as a legitimate confirming bank for LCs purpose. It shows the depth our moral decadence had degenerated and the fraud-infested Nigeria's business environment

Moh247:
Flutterwave needs to create a new PR strategy, people are scared of them

it’s not just Flutterwave. I’m subscribed to a Online payments company in Congo, theirs was suspended too. I suspect it could be as a result of the flutterwave allegation that made MasterCard suspend their services with all African payment processors.

frranklin:


I use chipper cash

Chippercash too is now affected.

Nigerians are too fraudulent. They world is scared of dealing with us

richard870:
So,it's only foreign cards Nigerians can use to make foreign transactions..naija has truly gone to the dogs!

You can pay with naira card but to earn, you must open dollar account. They want us to spend but not to earn.

Hamachi:
Congratulations!!! Also watch Lions Den today kn Africa Magic by 8:00pm

I've heard alot about the lion's den. Is it aired everyday?

This is serious, lot of business will suffer this consequences

faceland:


You can pay with naira card but to earn, you must open dollar account. They want us to spend but not to earn.

Really? What bank is that cuz mine doesn't allow foreign online purchases

So what's the alternative

Inali:
I've heard alot about the lion's den. Is it aired everyday?

No

Hey anybody that is seriously affect affected by this I can help u make payment for your international transaction with my Access dollar card. My exachange rate is the same N60

adaperry25:
So what's the alternative

That's d right question

We can help you make payments internationally right from Kigali!

No need changing to dollars. Give us Naira, we make payments for you in USD

Send us a WhatsApp message for more details.
+250/7909/27282/

IamAdejumo:
Hey anybody that is seriously affect affected by this I can help u make payment for your international transaction with my Access dollar card. My exachange rate is the same N60

did you say N60 or N600?
If N60, I am in straight away

grandstar:


Chippercash too is now affected.

They are not affected. They even gave me back cash back of 1470 Naira back for a purchase of $68

frranklin:


They are not affected. They even gave me back cash back of 1470 Naira back for a purchase of $68

When did you make your purchase?

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Focusmind:
Honestly, doing any foreign denominated transaction in Nigeria is becoming difficult. Even for students to pay for admission application fee is no more possible. If you do not have someone or a family friend that you could beg to help you pay and you reimburse the person later in Naira or however he/she wants it, you are on your own. All my foreign transactions have been paid by friends and families abroad, of which i reimburse them later. Our country is finished. We still do not know the importance of value system in a society. Once your value system and trust have been eroded, even your best friend will abandon you. I wont be surprise if in the coming years, SWIFT stops honoring LCs from Nigerian banks.

One of my clients is into importation and does lots of LCs. The foreign partners always insists that the confirming bank on any LC must be from US or EU, else they are not dealing. Even Nigerian banks with presence in UK are not acceptable by some foreign companies as a legitimate confirming bank for LCs purpose. It shows the depth our moral decadence had degenerated and the fraud-infested Nigeria's business environment

I had long planned to respond to your article.

The refusa by foreign banks or institutions to honor Letters of Credit originating or foreign payments from Nigeria isn't down to poor value system. It is actually due to mediocrity.

Ever since Buhari mounted the saddle in 2015, he has been meddling with the exchange rate of the Naira. It is that meddling that has led to this sorry state.

Lamido Sanusi, said that the difference between the official rate and parallel market rate must never be more that 3%. What is the difference now? I think its N430 while it is N630 at the parallel market. Is it 3% differential or 30%. It is even far higher. Sanusi said a differential above 3% will lead to sharp practices and distortions in the economy. Then you may ask, why is the differential so high, does the CBN not know any better?

That's where Buhari meddling comes in! One of the first thing he did upon assuming office was to fix the exchange rate of the Naira at around N197. That became the oficial rate for the next 2 years.

Should he have fixed the exchange rate of the Naira? No, he shouldn't have. For one, he is not an economist. He is basically an economic illiterate as stated by Atedo Peterside Secondly, That is the job of the CBN.

At the time he assumed office, the Naira was falling due to the collapsing oil price. From about $100 in June, 2014, the price was heading towards $35 by June or so. Since, a huge part of foreign exchange inflow was due to oil, dollar inflows were declining. Around June 2014, it was around N150. By February 2015, it was N200.

I want to ask: If there's 100billion chasing dollars each week , and dollar inflows was $1bn, that should give us a rate of $1-N100.

Now, if the dollar inflow declines to $500m, what would the rate be? Would it remain at N100?

Well by fixing the rate at N197, Buhari insisting and expecting the rate to remain the same and the foundation of the economic malaise present today was welled laid. Of course, since dollar inflow had reduced and the price remained the same, the CBN could no longer meet the demand buyers now turned to the thinly traded parallel market. The pressure from buyers at the black market led to the currency hitting N300 by January, 2016. By June, 2017, it was like 360 if I am correct.

Now what did the disparity lead to? First if you have noticed, dollar scarcity. It was this artificial scarcity that led to a dreadful recession from late 2015 -2017. Actually by August 2015, overseas banks were no longer honoring Nigerian Letter of Credits. It is the artificial scarcity that explains why our maximum monthly spend on Naira dominated cards is only $20 compared to the $1,000 daily before Buhari!

Then the issue of round-tripping started. Round tripping is simply buying dollars at the official rate for the sole purpose of selling at a rate reflective of the black market. So, if I was a well connected person, I would buy $5m for N2.15BN (N430) resell for N3BN (600)making a profit of N850m. And this is by nothing. I may even ask the buyer to put the money first into my bank account before I send in his dollars. Nigerian banks are into it. This was why government stopped the sale of dollars to the BDC as they simply resold it at the parallel rate.

This is a huge source of corruption in this government. It is also very wasteful as dollars spent is priced at the official value.

For instance, supposing the CBN releases $1bn allocation to all 3 branches of government this month, it would receive N430bn. If priced at the parallel market rate, that would be N620. That is a 190bn differential. In a year, that will be 2.28trillion.

Pls note that any official rate is strongly is primarily dictated by Buhari. By fixing the exchange rate, he is blaming economists and not market forces as the ultimate determinants of the exchange rate. This is laughable.

Now, you would ask, why doesn't the CBN reduce the differential between the 2 rates. It is simple: Buhari hates devaluation. That is and as always been his unwavering stance.

If the CBN should devalue the official rate to N520 restart the sale of $20,000 to the BDC weekly, the parallel rate will probably rise in value to N530 or even N525. It was the suspension of sales to the BDC's that led to the drastic fall of the Naira at the parallel rate. From 490, it has collapsed to 620.

The pressure on the oreign reserves now is very heavy as the country is spending billions of dollars on fuel subsidies.

If you support Buhari's policy, go sell to your dollars at the official rate.

https://www.nairaland.com/4861949/lamido-sanusi-laments-buharis-economic

https://www.nairaland.com/5069142/cbn-must-adopt-new-measures

https://www.nairaland.com/5069104/experts-buhari-remove-petrol-subsidy