989900D:
Are Stanbic and Access bank cards still working for international POS and ATM purchases; online too?

Durosure:
honestly it not economical for any country to subsidize importation or fix exchange rate when the economy is an import oriented economy like Nigeria.... What am i saying, Nigeria import Virtually 80% of it consumption anually including infrastrustructural and capital good. back Then With Proforma invoice you get fx from CBN at about 160. When you use that money to buy good from CHN and compare the price of that good to that of produce in Nigeria the one from China will have comparative advantage over the one produce in Nigeria due to the level of Economics of scale in China (efficient at producing ) in other to correct this abnomality the Government through it Monetary or fiscal Operation can control this with either Tarrif or Non Tariff barrier. Currently the volatility in the forex is as a result of Government Monetary Policy and to me comes with alot of advantage if we are ready to Benefit

1, this will make local raw material relatively cheaper for international industry to buy as input. Thus increasing inflow of Fx overtime

China has the strenght to equate or clear the disparity between yuan and Dollar But if 1yuan=1$ demand for Chinese product would reduce somehow has it will become more expensive to some country and Chinese monetary authority are always on the look out to ensure it does not happen.

2, looking inward. Naturally people will seek alternatives just like student are now considering combination of Yam/bread with beans instead of the over maggi jollof and fried. Yam consumption will increase thus moving the price shift outward due to Rachet effect. Now A good number of Nigerian youth will be encourage to farm considering increase in Revenue from agric produce.

3. Inclusiveness and transparency. Since we are on zero subsidy there is no free launch and people would ask questions as per why,how, when did event occur expecting more comstructive and realistic answer from the Authority.

4, Nigeria Economy is service oriented jumping off the natural process most economy are experiencing which is industrialization, development is technically cyclical. Most Nigerians work with Indians or Chinese just say foreigners importing finished or semi finish goods, then employ Nigerians for sale,marketing,factory worker and Nigerians are not really producing by doing this but they are promoting another economy, they earn low income. But in this case Nigerians will have comparative advantage producing locally either on small or large scale which will increase the National Output in no time

In the case of #1000=1usd, i think CBN should seat tight in term of workable policy to checkmate the activities of Commercial Banks regarding forex and local interest rate..

CBN can comeup with timely shock to supress the pressure on Naira. For example if CBN strategically make available fx to create shock in the supply chain leaving the capital boy to struggle with high rate since the rate provided by CBN would be far lower.

didymario7:
I logged into my Skrill account and saw this message "Please be aware that we no longer accept deposits or facilitate withdrawals in US dollars". I am guessing CBN has ordered payment services to stop accepting USD deposits and withdrawals in Nigeria.

Who else has noticed this?

Macaulish:
SKRILL..

SO I CLICK ON WITHDRAW & THIS CAME UP (1ST IMAGE).. AND I THEN CLICKED ON UPLOAD THE 2ND IMAGE CAME.

To My understanding the Message is restricted to Uploading and Withdrawal of Funds.

Not to Sending Money because nothing of such came up.

didymario7:



If we can no longer upload and withdraw funds via Skrill, then the service is as good as useless to Nigerians.

With this move, Nigerians will abandon Skrill.

hardniola:
u can withdraw to euro docile account


and if u want to upload they would change it to euro instead of dollar

hardniola:
u can withdraw to euro docile account


and if u want to upload they would change it to euro instead of dollar

onatisi:

What the message means is that they will not be using dollars as transfer currency anymore. So if u want to send 100$ to someone ,you will no longer see dollars but euros if u are withdrawing it will also be in euros. There is no big deal about it,the site should have a currency conversion page thatbu can see the current rate of dollars to euros before transactions. Whenever the banks start fx on their cards again and u want to upload , the money will be deducted in euros and not dollars

didymario7:


It is a big deal because you cannot upload/withdraw euros into a Skrill USD account. This feature is reserved for their VIP members and virtually all Nigerian accounts don't belong.

onatisi:

They will adjust it since the change of policy is from their side. They are the ones that changed the rules ,try.and upload or withdraw first and see what happens

didymario7:


No it won't be adjusted. If you are uploading into a Skrill USD account when you get to the upload page, you have to enter the amount you want uploaded in USD and there is no option to change this.

Let's even assume you close your USD account and create one domiciled in EURO. What this means is that you will be paying atleast 2.5%-5% more depending on how you get the Euro into that account and whom you are transferring to.

If you also factor in the fact that Skrill funds are sold at near black market rates it becomes obvious that the service is as good as dead in Nigeria.

AleAirHub:
Your Dollar / Btc

didymario7:


No it won't be adjusted. If you are uploading into a Skrill USD account when you get to the upload page, you have to enter the amount you want uploaded in USD and there is no option to change this.

Let's even assume you close your USD account and create one domiciled in EURO. What this means is that you will be paying atleast 2.5%-5% more depending on how you get the Euro into that account and whom you are transferring to.

If you also factor in the fact that Skrill funds are sold at near black market rates it becomes obvious that the service is as good as dead in Nigeria.

omotisa:
It appears the banks reduced their limits and stopped the use of their cards outside of Nigeria in reaction to regulatory directive to ensure that their rates are close to the interbank rate. Today, Stanbic and GTbank are communicating to customers on twitter that their indicative rates for the dollar is 320 naira. The Honeymoon is over for them. I am sure they made so much money while it lasted.

EnterPRO:


This was what I expected the first time naira was floated months ago.

I was amazed it didn't happen (banks selling at interbank rates) and some people here laughed.

Now that its happened, its a pity it will only last a few days.

onatisi:

Bro,the bitter truth is this fx problem will continue till 2019 and it will get worse by 2018. There is no quick fix to the problem except the nation starts producing. All these cbn policies are just a bloody waste of time. The political leadership has done virtually nothing and I mean absolutely nothing in the last 2 years to give the nation and breakthrough. I really pity the cbn governor because he has to carry all the blame and has to be searching for temporary solutions to the acute deficiency of the political leadership. I said it ,any sensible investor will be buying now and not selling in order to see what plays out next week. The nation is currently been ruled by zombies who are just one way thinkers .

EnterPRO:


Its a pity really, and the banks are busy committing daylight robbery and refusing to give out loans.

How can we be productive?

Wish CBN can sanction them to the tune of billions same way NCC sanctions telcos.

Such fines can then be pumped into other areas like SURE-P.

EnterPRO:
Is GTB really N320 now?

When are they stopping their own card usage?

EnterPRO:
Is GTB really N320 now?

When are they stopping their own card usage?