₦airaland Forum

Unfortunately, Yesterday at about 6:00pm, I received an alert from my bank (UBA) relating my Facebook ads. This alert was containing a detailed financial transaction so far and the total accumulated fee (which was $55) which was deducted from my account. Currently my Facebook ads is not running and its disturbing and worrisome. I doubt if there will be any on time solution for this impending crisis.
In case your still on the loop, this means,if you travel abroad and try to use your visa/debit Naira card, it will not work.

If you decide to shop online and the transaction is billed in any foreign currency, it will not work. If you are in Nigeria and try to use your card for a foreign currency transaction, it will not work. Seriously speaking, but still subject to correction.

[b]For now, this is what we can say is the reassuring remedy…

[/b]Domiciliary Account/Foreign Currency based debit card

[b]Option 1: Direct Deposit
[/b]In a case your bank accepts deposit, you can buy dollar from any Bureau De Change or black market and deposit into the account. But if your bank doesn’t, you can use option below.
If you are a student, note that CBN says you can access dollars to pay for school fees and or student maintenance allowances. To get the dollars all you need to do is walk up to your bank and show proof. For e.g school fees, tuition etc. The bank is expected to sell the dollars to you once you provide these documents.
Note: You may not be allowed to transfer money out of your account if the dollars sitting in your account was deposited physically.However, if the dollars was wired to you, then you can transfer it without restriction.

Option 2: Use Form ‘A’ or Form ‘M’ to request for foreign currency.
[/b]If your imports are not included in the banned list http://nairametrics.com/cbn-bans-toothpick-indian-incense-and-these-38-other-imported-items-from-fx-market/ then you can apply for forex through your bank by filling a Form A for invincible transactions and Form M for visible transactions.
Electronic Foreign Exchange forms (e-form M) and (e-form A) were introduced by the Central Bank of Nigeria (CBN) and Nigeria Customs Service (NCS). The pilot phase for the processing of electronic form M commenced November 22, 2012, while the full implementation begins on December 06, 2012.

[b]Features & Benefits e-form M and e-form A
The automation of international trade transactions and
Reduction of turnaround time from importation to the clearing stage of all international trade transactions.
The requirements for accessing and using the single window platform include:
– Registration of Taxpayer Identification Number (TIN) at Federal Inland Revenue Service (FIRS) offices.
– Validation of TIN by Customers with existing TIN at FIRS offices.
– Logging on to FIRS portal to register as ‘importer’.
– Logging on to https://app.trade.gov.ng/formx by Bank/customer to initiate the e-Form ‘M’.
– Forwarding all original documents (Proforma Invoice, Insurance etc.) to the Bank for approval.
– Kindly note that e-mail notifications will be sent to you once the Form M is approved by the Bank and also when the Form M is accepted/rejected by the Scanning Company.
Here is a guide on how to fill form M

Option 3: Wire Transfer
You can have a friend or BDC operator wire foreign currency to your account while you pay them the Naira equivalent. This way you can avoid depositing cash, however, banks often scrutinize any wire transfer in foreign currency vigorously before approval.
Once you have funded your domiciliary account, you can then transfer money to your debit card and use at your discretion or make wire transfer payment for products/services.


BUT Is this the only remedy for now........................Nairalanders and webmasters comment with relevant and authentic answers please............


SOURCE:http://www.jaysciencetech.com/2016/01/no-foreign-transactions-with-your-naira.html

Hi

I have yet to have such problem. Has the CBN actively stated that this has now been enforced or maybe its just a problem you are temporarily going through with your Facebook account?

And if this is the case does that include Payoneer MasterCard which comes from another country?

My business is based on continuous back and forth transactions abroad so for me this is a concerning issue.

But can one withdraw from his domiciliary account in dollar or pound in Nigerian banks? The journalist who interviewed President Buhari during the recent presidential media chat said he could not withdraw 200 pounds he deposited from his bank.

Hi Guys, Any current working online naira credit cards 2016

Vicky2k:
Hi Guys, Any current working online naira credit cards 2016

Yes I use my Zenith MasterCard all the time it has never given me any problems.

mine didn't work o