₦airaland Forum

MrCEO69:
which school?



You can use some business owes who has business also in Nigeria. U pay into their acct in Nigeria and they pay u here in cedi or naira. If u are a student sm dnt charge.

Acct name: FOCAP VENTURES LTD ecobank: 226200445

Please do u know any Nigerian business owner contact in Accra that u can link me up to ASAP. Thanks

HeavenlyBang:
Bitcoin doesn't even convert directly to Naira, so your point is moot. What's with everyone acting as if Bitcoin is some new shiny toy? Bitcoin is literally just another currency. Albeit one with higher demand and as such a rising value.

Trading in bitcoin is no different from trading in dollars, the only issue being that going by trends, the value of your bitcoin will rise much faster than your dollar. People should learn how foreign exchange works before jumping all over the place.

Awwwwww is orite. I know you know

LieDetector:
But how am I going to fund my skrill and netteller account now?


Buhari sef.

By buying from those who have funds for sale. I have $200 at the mo.

angelroz:
what's payoneer?

Google it!

Kaydeexotic:
In fact I just received a payment early this morning from UK....their services work 24/7...it doesn't fail..... I mean IT DOESNT FAIL.. ...
This is what the text message they'll send to you looks like once someone sends you money
baddosky1 and priceaction

Abeg, i visited their website and from what i could see there, they provide services where people can send money to their loved ones from abroad to 50 countries of which Nigeria is covered. But what i want to really know is, what of a situation where i have a product for sale here in Nigeria and use WorldRemit as a payment option for those living abroad US and UK for eg...will it fly well?

baddosky1:
Abeg, i visited their website and from what i could see there, they provide services where people can send money to their loved ones from abroad to 50 countries of which Nigeria is covered. But what i want to really know is, what of a situation where i have a product for sale here in Nigeria and use WorldRemit as a payment option for those living abroad US and UK for eg...will it fly well?

I'll research into that for you Bro

Bitcoin Perfect Money available.

UkwuNnu:
Not true, I used it just two weeks ago.

That's a lie bro, it has been deactivated more than 2months sir

Kaydeexotic:
I'll research into that for you Bro

Ok...thanks

herda:
Please do u know any Nigerian business owner contact in Accra that u can link me up to ASAP. Thanks

I rili dnt v the business owner contact. But if u are in lag, look out for go express transport company (i think dey are in maza maza). They also he in money transfer and other business iss.

dumo1:
Foreign and with the way things are going in nigeria I don't think I am going to be able to complete. Nigeria is a cursed nation and I regret being one. They are just making things financially difficult for everyone.

Brother no be lie oh. Exam is just 2wks from now and this my Indian men no dey use money play. God will make a way.

Lajet:
Gtb Naira Mastercard have stop working in outside Nigeria for almost 3 months now.

Wrong information. ...I used my gtbnk card early dis month

Hummmm zenith has stopped me since june 13th..welcome on board.

obidevine:
The foreign exchange crisis hitting the economy has assumed a new dimension with Deposit Money Banks announcing the suspension of overseas Automated Teller Machine card services and online transactions denominated in foreign currencies, OYETUNJI ABIOYE writes

Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly.

Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card services.

Also suspended by the banks are online transactions priced in foreign currencies. This means that customers of the banks will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, euros, pounds sterling and other foreign currencies.



In a note to its customers on Friday entitled: ‘Suspension of international transactions on naira debit cards’, Standard Chartered Bank Nigeria said, “Please be informed that effective immediately, your naira denominated debit cards will no longer be functional for international transactions.

“This is due to the current volatility in the foreign exchange market. Your naira-denominated debit cards can only be used for local transactions at Point of Sale terminals, Automated Teller Machines and online for Nigerian retailers.”

In a text message to its customers on Friday, Stanbic IBTC Bank similarly said, “Dear customer, kindly note that effective October 18, 2016, your ability to carry out transactions priced in foreign currency using our naira debit and credit cards will be suspended. We apologise for any inconvenience in this regard.”

Both Stanbic IBTC Bank and Standard Chartered Bank Nigeria advised customers seeking to carry out transactions denominated in foreign exchange to apply for dollar or pounds sterling debit credit cards. According to them, the dollar or pounds sterling debit or credit cards will be linked to the customers’ domiciliary accounts.

GTBank also announced the suspension of the ATM cash withdrawal service abroad. The lender also slashed its monthly ATM forex transactions to $100.

In a notice to customers on Friday entitled: ‘Review of the international spending limit on your naira Master Card’, the bank stated, “We write to inform you of the monthly spending limits currently applicable when using your GTBank naira Master Card for international payments via PoS and online. Previous monthly limit via PoS and online was $250; the new monthly limit via PoS and online is now $100. Kindly note that ATM cash withdrawal on your naira MasterCard is now only available in Nigeria.”

The development will make students studying in the United Kingdom, United States, Canada, Ukraine and other parts of the world to face more challenges getting their monthly stipends from their parents.

Most of the students had relied on the ATM card withdrawal to get their monthly stipends from their parents before now.

This means customers seeking to do foreign transactions will have to open domiciliary accounts and fund same with dollars, pounds or euros purchased from the parallel market at the prevailing exchange rates.

Although other banks have yet to announce the suspension of ATM card services abroad, findings by our correspondent showed that many lenders had reduced drastically the amount that customers could withdraw via ATMs abroad.

This is despite the fact that the banks have in the past few months reduced the monthly total amount of forex-denominated transactions that customers can do, using their naira debit or credit cards via ATMs and PoS terminals abroad as well as online payments or transactions.

As of last week, findings showed that some banks had slashed their daily ATM withdrawal limit abroad from the $300 advised by the Central Bank of Nigeria’s Bankers Committee to $100 due to their inability to source for dollars to fund the transactions.

Unconfirmed sources said some banks had reduced their monthly ATM withdrawal limit abroad to $100.

Top banking officials close to the development told our correspondent under the condition of anonymity that banks were increasingly finding it difficult to fund their foreign-currency denominated services, especially online forex transactions and overseas ATM withdrawals, as well as PoS usage overseas by customers.

A top official of Deposit Money Bank, who spoke on the condition of anonymity, told our correspondent on Sunday, “We have to stop the services. Formerly, we were sourcing forex at high prices and we were selling same to customers at similarly high prices. But the situation is now tense; the dollar scarcity has assumed a new dimension.

“This is coupled with the fact that some bank customers are using the platforms to do round-tripping. It is high time we stopped it.”

The decision by some banks to suspend overseas ATM card services and online forex transactions came barely one week after the CBN, through the Bankers’ Committee, raised concerns about what it called the indiscriminate and suspicious manner in which some bank customers were spending dollars and other foreign currencies abroad through their naira debit cards.

Consequently, the regulator said it had concluded that bank customers who spent above the $50,000 annual forex limit it imposed would be barred from the nation’s forex market.

The Director, Banking Supervision, CBN, Mrs. Tokunbo Martins, stated this after the 329th Bankers’ Committee meeting held at the apex bank’s office in Lagos on Wednesday.

She said, “In the CBN’s move to manage the demand for forex, there was a rule that was put in place that people were not allowed to withdraw more than $50,000 annually on their naira debit cards.

“For a while, the policy has been abused by bank customers, and the CBN has not taken any step to that effect. We have decided to take the step now to enforce the rule. So, we want members of the public to remember that that rule is in place.

“All your accounts are linked to a particular Bank Verification Number. Now, that the BVN only allows you to withdraw only $50,000 per annum, if people continue to breach that rule, they will lose access to forex market.”

Dollar scarcity has been ravaging the economy after the price of crude oil, Nigeria’s main forex earner.

It crashed from $110 per barrel to around $44 per barrel from June 2014.

The nation’s foreign exchange reserves have been depleting since then.

On Wednesday, the country’s external reserves hit an 11-year low of $24.21bn, the latest data posted on the CBN website showed.

This means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira.

The foreign exchange reserves fell by $600m in two weeks before shedding $1bn in four weeks, the CBN statistics showed.

An expert at Ernst and Young, Mr. Bisi Sanda, lamented on the dollar pressure on the economy.

He said the Federal Government needed political will to address the issues fuelling dollar scarcity on the economy.

He said, “The issue of dollar is very important to the economy. It is predicated on the fact that we are a dollar-denominated economy. It appears the government is still begging issues as far as the import-dependent state of our economy is concerned.

“We need to fix issues, we need to go back to the drawing board. The CBN said between 2010 and 2016, a total of $11bn was sold to the Bureaux De Change annually. We need to plug leakages in this area.”


http://punchng.com/dollar-scarcity-banks-suspend-atm-card-usage-abroad/

Copyright PUNCH. Cc - lalasticlala

priceaction:
I HAVE PAYONNER dusty in my cupboard for almost 2 years now and it is expiring may next year. What can i do with it for now? i dont think it should be useless like that

If there's no Fund in it, people sell Funds, try and buy and buy things online

Baddosky1 kott and herda
The best way out is to use payoneer or Neteller ....and also your recipient has to have the payoneer or Neteller so....its the best way to transfer money out of Nigeria presently

Access bank reduces spend limit to $200. Details here.

MrCEO69:
which school?



You can use some business owes who has business also in Nigeria. U pay into their acct in Nigeria and they pay u here in cedi or naira. If u are a student sm dnt charge.

Acct name: FOCAP VENTURES LTD ecobank: 226200445

I hope Focap ventures Ltd is still functioning? I plan using them to receive fund this week.

CSNg:
Adeosun, Emefiele, the CBN, Nigerian Banks, The FG and even Nigeria as a whole can GO TO HELL!

Who needs an ATM card by a Nigerian Bank abroad when i got my Payoneer Card?

Thank God for Payoneer!

pleas how can i fund my payoneer mastercard

donifez:
I hope Focap ventures Ltd is still functioning? I plan using them to receive fund this week.

Yes pls i made a mistake on the acct number : 2962004495

MrCEO69:
Yes pls i made a mistake on the acct number : 2962004495

OK, thanks.

donifez:
OK, thanks.

Do u v a student id! Cos with that, they wouldn't charge u. So i was told.

MrCEO69:
Do u v a student id! Cos with that, they wouldn't charge u. So i was told.

I have.

donifez:
I have.

they are still working used them today in Accra will be getting my cash tomorrow they charge but their charges is fair up to 10k they deduct #500 10k to 50k #1000 and 50k to 100k #2000 and for today their exchange rate was 1k for 8cedis50pesewa

donifez:
I have.

they are still working used them today in Accra will be getting my cash tomorrow they charge but their charges are fair up to 10k they deduct #500 10k to 50k #1000 and 50k to 100k #2000 and for today their exchange rate was 1k for 8cedis50pesewa

herda:
they are still working
used them today in Accra
will be getting my cash tomorrow
they charge but their charges are fair
up to 10k they deduct #500
10k to 50k #1000 and 50k to 100k #2000
and for today their exchange rate was 1k for 8cedis50pesewa

OK, tnx. Do you know if it is possible to collect your cash in Naira?

donifez:
OK, tnx. Do you know if it is possible to collect your cash in Naira?

I think you should, but not very sure. You can reach them on 0265780549. Their office is in Cross Country terminal, Circle, Accra. Don't know where their Lagos office is

herda:
I think you should, but not very sure. You can reach them on 0265780549. Their office is in Cross Country terminal, Circle, Accra. Don't know where their Lagos office is

OK tnx.

Lajet:
Gtb Naira Mastercard have stop working in outside Nigeria for almost 3 months now.

Oga na jst last week e stop..my cousin in Malaysia uses my broda own n jst told me it stop last week

If any of you Nairalanders are looking for an FCA regulated FX broker in London to handle your corporate international payments then FCI can help.

We ensure that Naira payments land in a USD/GBP or any other currency you require account in 2-3 days time and our affiliation with Standard Charter Bank means we can proudly be the only broker in the UK to do so.

If you have a need for business payments out of Nigeria then there is no quicker legal way to do so than through a brokerage process.

Email me on ryan.williams@fci-ltd.co.uk for more information

Regards,
Ryan

debbydee:
pleas how can i fund my payoneer mastercard

cc:SweetJoystick, i fund mine using Webmoney or Payza. Webmoney and Payza are linked to my GTBank account so when i need to fund my Payoneer account, i simply transfer the cash electronically to my Payza and then contact an "Exchanger" who transfers the funds from Payza to my Payoneer at a percentage fee.

saywhaat:
BITCOIN is the way now. Bitcoin is recession-proof. Click my signature.

how can I gain from btc