Title: Wema Bank Re-introduces Naira Cards for Forex Transactions Post by: lagosnoir on July 15, 2023, 09:07:06 AM It seems that the authorities at CBN have made a huge U-turn with regards to restrictions on using Naira Cards for Forex transactions.
I got an email from Wema Bank that their Naira cards can now be used for forex transactions, for up to $500 monthly limit. If all banks do this, all the "useless" US dollars virtual cards will have a hard time competing with banks. However, there was no explicit comment on whether the cards are still restricted from crypto transactions. I quote from Wema Bank's email: Code: It’s time to enjoy seamless transactions and make purchases internationally. Title: Re: Wema Bank Re-introduces Naira Cards for Forex Transactions Post by: ololajulo on July 16, 2023, 08:30:06 PM The reintroduction of foreign exchange services in banks is a significant development. However, I wonder when other banks will follow suit and offer this service as well. Moreover, I believe that the monthly transaction limit of $500 is quite small. It would be more appropriate if the limit is determined relative to the individual's bank balance and the size of their transactions
Title: Re: Wema Bank Re-introduces Naira Cards for Forex Transactions Post by: Davidvictorson on July 17, 2023, 05:51:05 AM I am filled with joy as a result of this announcement because in the past we had to use Chipper Cash, Bartar, and PayDay for international payments. They are good and I have enjoyed their services but then it is stressful having to down the app, then you have to send money from your bank in to your Chipper Cash account before you are able to make payments. To many processes and stress.
The one advantage I see here of Chipper Cash, Bartar, and PayDay over this new announcement is that you can hold Dollar, buy stocks of international companies. I don't think we can do all these with our Nigerian bank app. |