₦airaland Forum

fxexperts:
Actually the Buharo administration was a total disaster.

This achievement by Tinubu administration is a good one, pls don't twist it because you hate the man. before nko you want them to subsidize Dollar for you too.

Buhari hated progress... Tinubu came to kill what buhari hate. Nigeria is designed to hate prosperity but with immigration becoming a crisis in Europe and the rest of the world, the international community is having a rethink.

Am going to open UBA account asap

LegendHero:
ADC stopped it please. You should blame Obi party for stopping it.

Emefiele and Malami are the culprit. Now both of them are in ADC so we should drag them like tiger generator.

ADC destroyed this country and APC will right the wrong.

agba cooker

LegendHero:
Two commercial banks in Nigeria have announced the resumption of international transactions on their naira cards.

In separate announcements to customers, United Bank of Africa (UBA) and Wema Bank said the service has recommenced on their naira cards.

The development comes about three years after many banks suspended international transactions on naira debit cards.

In a recent notice to customers, the UBA said the resumption aligns with its continued commitment to providing clients with seamless and enhanced banking experiences.

“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the statement reads.

“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility.

“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

Also announcing the development in a recent statement, Wema Bank said customers can now “pay in dollars” with their naira cards.

“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank said.

WHY BANKS ARE MAKING THE SHIFT

Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, said the improved liquidity in the foreign exchange (FX) market supported banks’ decision to reactivate their naira crads for global transactions.

“The moderating premium on the parallel market transactions and the reduced arbitrage opportunities is also responsible for the decision,” he said.

Also speaking with TheCable, Charles Sanni, the chief executive officer (CEO) of Cowry Treasurers, said the spread or margin between official and parallel market rates, which have thinned out, may have influenced the decision by the banks.

He said the interest rate is very high in Nigeria, hence minimising borrowing money to speculate on foreign exchange.

“The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,” he said.

Sanni also cited the restored confidence in FX management by the federal government and the CBN, following the ease of transferring funds and capital repatriation.

The CEO said there has been an improved credit rating of Nigeria, clearance of the FX backlogs, “new trading platform, increase in oil prices from geopolitical conflicts, and banks capitalisation”.

Between July 2022 and January 2023, several other banks also temporarily suspended international transactions on ATMs and POS channels.

The shift was a result of the chronic FX scarcity, which threatened the survival of key sectors of the economy.

In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.

First Bank of Nigeria (FBN), on September 21, 2022, said it will suspend international transactions on its naira Mastercard.

Three months later, Guaranty Trust Bank (GTBank) stopped global payments on its naira Mastercard, with Zenith Bank joining the fray on January 9, 2023.

Flutterwave, Eversend, and other financial technology platforms also made similar moves, suspending their virtual card services for international transactions.

Source: https://www.thecable.ng/after-years-of-suspension-nigerian-banks-resume-international-transactions-on-naira-cards/

I've been using Providus bank card for international payments since last year

SalamRushdie:
You are telling a trained economist that he doesn't understand economics? Hmmmm

So you gave them a pass for getting forex (a major thing that determines the direction of Nigeria's economy), but you gave them an F for that same economy?

Does this make any sense to you?

To add insult to injury, you call yourself a trained economist? Lmao.

Zionmdde:
Why did they suspend it in the first place? Its simple
The difference between bank rate was very large. Banks were selling 460 per dollar black market was like 550 or so.
But today dollar subsidy is gone, there will little or no difference between bank rate and black market

In summary it's still the same as buying dollar in black market, paying into your dollar account and spending with your dollar card

Funny enough you will see people who know nothing coming to sing apc praises because banks are now selling at black market rate

So you would prefer that we keep defending the naira against the dollar with our fx dollars?

Seun:
I commend CBN Gov Cardoso for taking the bold steps that made this possible.

...and what are those bold steps if i may ask.

Houseofglam7:
Chipper cash will somersault 🤭

15 more characters needed🤭

How do you mean pls?

Seun:
I commend CBN Gov Cardoso for taking the bold steps that made this possible.

Seun can we have options to delete our account permanently and delete our post and comments permanently too. Thanks.

buzweb:
Does that mean one can actually link a UBA (naira or dollar) card to PayPal and withdraw PayPal fund since these cards are allowed for international transactions?

Nope, it just means you can now buy from sites that accept dollars as payment and won't take naira

lionshare:
Let me try to make this easier to understand. When a government runs a subsidy economy like we used to, it essentially transfers money from the poor to the rich. For example, a wealthy person might need $1 million per year, while an average person like Emeka only needs $100 per year to pay for something like web hosting. However, because of the subsidy system, Emeka often ends up buying through the black market at a higher price.
Who ends up paying more? The rich, because the subsidy benefits them on a much larger scale — $1 million compared to Emeka’s $100.
The opportunity cost here is significant: the government loses revenue, which leads to poor infrastructure, inadequate education, and a lack of social services. Ironically, these are the very things that could help level the playing field for Emeka’s children in the future and improve access without a higher comparative cost in the short term such as seen here.
So, considering all this, which scenario do you prefer — the system before the subsidy or after?

You must be a teacher. I like the way you simplified it for him that is if hatred will make him understand it the simple way that you have explained it.

NinjaMetahuman:
So you gave them a pass for getting forex (a major thing that determines the direction of Nigeria's economy), but you gave them an F for that same economy?

Does this make any sense to you?

To add insult to injury, you call yourself a trained economist? Lmao.

The economy is a lot more than forex supply, infact forex supply is niche part of the economy , as long as inflation is still stoking , disposable income still very short and interest rates so high I will give them F

inoki247:
Wema don tell me this tire...


After I don dey use to my alternative since how many years...



Omo ordinary $100 we no get access to then and them Dangote dey go pack Dollar anyhow Omo person dey suffer for this country Sha...

It working now. I just used it after unfortunately subscribing to thief Cardtonic.

cedarcedar:
Am going to open UBA account asap

Something whey GTB don cook already

Okoroawusa:
This is one of the reasons they want Tinubu out but God pass them.

I Love Bola Ahmed Tinubu...if you hate him na you sabi

Oga stop being mischievous. This is not the reason stop this lies.

LegendHero:
God bless President bola Ahmed Tinubu.

The tides is turning. Now let’s continue to bring down inflation and stabilize the system a bit.

Tide is not turning, inflation is still there. You are still getting a premium on the exchange rate for dollar cards. Stop spinning it

Olaide1295:
Well done to Tinubu and Cardoso.
But I fear this may start putting pressure on the naira again soon. Politicians may start buying dollars again now that it’s becoming easy to move currency.

It was stopped in 2014 under Jonathan and Emefiele when the naira fell to 467 from 350

Oga stop lying it was stopped from 2016 under Buhari/Emefiele.

SalamRushdie:
Be like Tinubu is getting something right on the forex supply end ..I still give him F for economy

He is not getting anything right, this is just to paper the cracks. They are pumping so much to defend the naira, the same thing they criticised the previous government of doing.

ElSudani:
Left to the opposition there will be no changes to the monetary policies. People like Obi profited from the senseless dual exchange rates policy.

How did Obi profit from it? Did you follow him to do any transaction? This man has been quietly living his life after 2014 that he left Anambra.

merits:
BAT and Michael Cardoso is a goal we will get there soon.

It is not a goal ooooo. They are papering the cracks, nothing more. Inflation is still high most especially food inflation.

ElSudani:
We are saying the same thing Mr. Know it all. Who doesn't know that Tinubu's reforms made it possible.

Oga it is just papering the cracks he is not doing anything fantastic.

Olaide1295:
It was stopped in 2014 under Jonathan and Emefiele when the naira fell to 467 from 350 naira

During Jonathan's time dollar was 216 this was what APC used to campaign against him. Stop lying, it was during Buhari's first term that dollar went to 350 and then 467.

SalamRushdie:
You are telling a trained economist that he doesn't understand economics? Hmmmm

But you are not a trained economist

ElSudani:
The reforms are working and the economy is back on track. This is the assessment or various domestic and international institutions. If this is not good enough for the ordinary man then you have to present your own proposal on how to help the ordinary man. Perhaps free gari and beans?
Perhaps bring back the petrol subsidy and dual exchange rates?

How is it back on track? The inflationary pressures is still high public debt is at 145 trillion naira

Bluntemperor:
👍🙏 Good News To Nigeria Banking Sector and it seems after all the different Reform By the CBN-its now yielding Fruit 🍓🍑,both Nationally and International Foreigners,who are having more confidence in Nigeria Economic Outlooks.
For Example,two weeks ago,the World Bank Commended the CBN on the REFORMS and this Week,the IMF gave her own nod.
Hope Is Rising!

Whenever IMF and World Bank commend you, then you should be worried. Can you swear that food inflation in Nigeria is going down? How can reforms be working when public debt is at an all time high at 145 trillion naira.

This is so good. Wonder why government get orgasm on any anti people policies. I am happy to be a Nigerian for a long time but today.

LegendHero:
Two commercial banks in Nigeria have announced the resumption of international transactions on their naira cards.

In separate announcements to customers, United Bank of Africa (UBA) and Wema Bank said the service has recommenced on their naira cards.

The development comes about three years after many banks suspended international transactions on naira debit cards.

In a recent notice to customers, the UBA said the resumption aligns with its continued commitment to providing clients with seamless and enhanced banking experiences.

“In line with our continued commitment to providing you with seamless and enhanced banking experiences, we are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants are now enabled for international transactions,” the statement reads.

“This means you can now use your Premium Naira Card for everyday payments, online shopping, POS, and ATM transactions across the world, with more ease and flexibility.

“If you haven’t used your card recently, now’s a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”

Also announcing the development in a recent statement, Wema Bank said customers can now “pay in dollars” with their naira cards.

“Your Wema Naira Mastercard just went global! Now you can pay in dollars on all your favourite international platforms; Amazon, eBay, AliExpress? Netflix, Spotify, YouTube,” the bank said.

WHY BANKS ARE MAKING THE SHIFT

Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co, said the improved liquidity in the foreign exchange (FX) market supported banks’ decision to reactivate their naira crads for global transactions.

“The moderating premium on the parallel market transactions and the reduced arbitrage opportunities is also responsible for the decision,” he said.

Also speaking with TheCable, Charles Sanni, the chief executive officer (CEO) of Cowry Treasurers, said the spread or margin between official and parallel market rates, which have thinned out, may have influenced the decision by the banks.

He said the interest rate is very high in Nigeria, hence minimising borrowing money to speculate on foreign exchange.

“The naira has also continued to appreciate against the other major currencies of the world. More so, there has been increased diaspora remittances based on the new policy of the Central Bank of Nigeria (CBN) on opening of accounts for non-residents, particularly Nigerians in diaspora,” he said.

Sanni also cited the restored confidence in FX management by the federal government and the CBN, following the ease of transferring funds and capital repatriation.

The CEO said there has been an improved credit rating of Nigeria, clearance of the FX backlogs, “new trading platform, increase in oil prices from geopolitical conflicts, and banks capitalisation”.

Between July 2022 and January 2023, several other banks also temporarily suspended international transactions on ATMs and POS channels.

The shift was a result of the chronic FX scarcity, which threatened the survival of key sectors of the economy.

In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.

First Bank of Nigeria (FBN), on September 21, 2022, said it will suspend international transactions on its naira Mastercard.

Three months later, Guaranty Trust Bank (GTBank) stopped global payments on its naira Mastercard, with Zenith Bank joining the fray on January 9, 2023.

Flutterwave, Eversend, and other financial technology platforms also made similar moves, suspending their virtual card services for international transactions.

Source: https://www.thecable.ng/after-years-of-suspension-nigerian-banks-resume-international-transactions-on-naira-cards/

I hope other banks join as soon as possible

Believeintruth:
But you are not a trained economist

My MSc in Economics is a joke shey? Dey play , I am one of the best economist around pound for pound

SalamRushdie:
The economy is a lot more than forex supply, infact forex supply is niche part of the economy , as long as inflation is still stoking , disposable income still very short and interest rates so high I will give them F

forex is 60% of current Nigeria's economy.

If dollars fall to 10,000 today, you will be buying fuel for 8000 by month end.

Do you know what 8000 naira fuel would do to the economy and inflation or people's disposable income?

Lmao. Trained economist.

ZUBY77:
Who stopped it in the first place? Cos I know it was working during PDP era. Who stopped it 3 Years ago? The daft people will say it's not TINUBU but Buhari and I ask, what's the difference between them?

ADP people stopped it.

Atiku brought Buhari to power through their coalition. Malami and Emefiele were with Buhari and they grounded the currency.

So ADC should be blamed.

Which yeyé seamless transaction? Transaction that they won't allow you to transact more than $100?

What are we supposed to do with that?

Mo na no worry, I have a virtual card I use to do USD transactions.

If you guys won't allow me transact anything above $1000, this is dead on arrival.

Any way, let me go and feel my holy eyes 👀 on Instagram.