As received from my bank just now:

"Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000."

What does this connote?

No more AliExpress?
How far does this go please?

I laugh in Ukwuani!

Smh

This will hurt those in arbitrage business so bad.

May I also inform you that the cards listed as alternatives usually carry subscription charges ?

My access black card costs 84k annually and maybe the price has increased now.


Please don't allow desperation push you into buying virtual dollars from Nairalanders o. Majority are scammers.

Yeah, we are not earning enough dollars due to

1.Subsidy payments going up, due to higher oil prices, which means higher fuel prices...and more money being spent to keep it low...which eats into our budget

2.Falling oil production due to theft, robbery, and government doing nothing about security.

3.From 2014 till 7-8 months ago, oil prices were too low to sustain us. Now that they are high, we have to still pay off the debt we took on during the lean years...(and yes, we had to borrow, otherwise we would have ended up with salaries not being paid for 2 years .)...and even during those years, we were still paying up debts.

4.Lack of a diversified economy. We did not diversify our economy.

5.Poor tax uptake. Our tax to gdp raito is 8.1%....too low to get us enough revenue. 30% of the economically active populaiton pays income tax to the government at federal and state level. Tax leakages and corruption are a thing.

6.Corruption and stealing. Especially at contracts, subsidy level and so forth. And yes, APC hasn't changed a thing.


That's why we are in this mess.

If we removed subsidies on petrol and power, and raised our tax to gdp ratio, and really focused on fighting corruption....we might get somwhere.

Campaigning begins next week, let's see what the candidates have in the tank. I'm not optimisitic.

Unto wetin na

H

What's the difference between this and the $20 limit before.

Lass lass, make we kuku face local production and our market to strengthen the Naira. My only concern is our useless leaders will still use all the forex left to go flex abroad.

He don red ooo

Next LEBUL!

By the time Buhari and APC are done with this country. The trekking urchin now trekking with APC Coffin will develop elephantiasis of both legs from trekking

It's my turn (Emilokan) to sleep!

Yes I received the same email this morning.

Okay o

Wow

Ah..

Na microfinance Bank?

Ok

Banks sucks

Someone actually predict this on the treasury bills thread

Lmao! and another emi lokan is coming to pick up to continue from dis


Anyways, not thier fault, Nigerians voted for them despite the obvious flaws...then they went ahead to fill up sensitive positions with incompetent party loyalists

This is nothing new

most countries not using the US dollars as their currency have this law in place

the only difference here in Nigeria is that, you have to source your dollar by yourself from the black market

How did we end up with Buhari as president ?

Abeg which bank send you this one o?

You have a different card for international transactions. you get a card and fund it from your bank account at the exchange rate the bank offers. welcome to the black market Nigeria.

Ogun kill all Nigerian politician

Yeap. Most Nigerian banks will stop the use of their naira denominated cards for foreign transactions.

Just open a domiciliary account and get a dollar denominated debit card and do your online transactions stress free from now on.

Since March 2022 for some banks

And the agbado master is coming to do more. Please vote wisely

Hope is doesn't affect my Netflix sub