suspention of all naira atm card connected with international transaction

[DaNNy001]

Nigerians banks are all queuing in to stoping all transactions that has to deal with their naira cards and international transaction and just recently zenith bank has also joined this trend as i receive a mail that stated that from January 9 (Monday) all transactions that has to deal with the use of the zenith naira card in international transaction has been banned.



This recent restructuring and restrictions in banks affair in the country will really have some effects for some users that purchase and order things online with their card from online international store like
~ali express
~amazon
~wish and so many more.

It was just last year that banks limited the spending of naira debit cards in international transaction to 20$ and now this time they have suspended the whole process here so lets look into the reasons for all this restriction and how e go affect we Nigerians

[EarnOnVictor]

Dis Naija tire me no be small, na limit we dey see before but na suspension now. Dis their so-called suspension na till Naija get beta, make person no expect am again. I dey wonder why banks con dey loud am now self as sey d last time wey my GTB and Zenith bank naira ATM worked 4 international transactions na like 2020, I no know dis yeye suspension wey we dey see 4 news dis days. Na only few fit used theirs before.

Emefiele and  Buhari don pafuka Naija, na d repercusion be dis. People go con dey get domiciliary account by force and even pay more to get and maintain dollar cards.

[Agbe]

Dem won 2 implement and use di cashless economy policy nai make dem won stop the naira card transaction from zenith Bank. But day not withstanding, even dem stop dat won boys go use another way to buy things internationally. Nigeria economic department e no dey check things before dem dey implement things. Dem 4 check di both sides first, both di bad and good. But dem dey carry out anything without cross checking any. Let see how do cashless economy go be. Dem saw na on Monday which is on di 9th of January 2023.

[Merit.s]

Stopping naria ATM international transactions no get anything to do with cashless policy since na still online the business dey go on and nobody dey pay with cash na from your bank account them go debit you after payment. Na domitilary account na e them won go back to so, because I remember that year wey dollars scarce for naija,bank come say no more opening of domitilary account say them no get dollar to pay customers. Naija and their confusion. Our banking system and the people wey dey in charge just dey do anything wey come them head.

[BIT-BENDER]

This na very useless moves, the central bank of Nigeria are taking the wrong measures to see that the naira regains value. First was their attack on fiat exchange companies now this bans are very unnecessary.

Well this is the best time to go for independent online banking application if you must do fiat. This isn’t a financial advice but I don see people say good things about the Chipper cash application.

[sokani]

I didn't even know zenith bank Visa/Mastercard was still operational. Access bank been don stop international transactions with their cards for long. Some months ago I wanted to buy something from AliExpress and my Access visa card kept declining, so I had to reach out to my bank to find out why and I was told that they had stopped international transactions with cards and this was in compliance with CBN directives. I was told to apply for a dollar debit card but I had to decline because of the annual maintenance fees. I resorted for a virtual debit card from Chippercash, the exchange rate is the same as black market but I had to close my eyes and go through with it.

I wish these online merchants like AliExpress, Amazon, eBay are accepting Bitcoin and other cryptocurrencies, it would have really saves one stress and cost.

 

[Cantsay]

All these people nor just know wetin dem wan do again dem don confuse and now dem dey use their confusion take dey trouble innocent people. If nah like this dem wan bring the value of naira back me I nor just gbadu am at all.

Well this is the best time to go for independent online banking application if you must do fiat. This isn’t a financial advice but I don see people say good things about the Chipper cash application.

I dey see their adverts Wella most especially when I dey stream YouTube videos but I never try the app before but with the way things Kon dey go now he be like say nah all these independent online banking application Kon win am ooh because most Online shopping websites nor dey accept Bitcoin assuming dem still dey accept eh for still ease our pain.
But the issue with those apps now nah say if person fit trust dem with he money, because I dey fear to put money for app the next the day the app go dey show me blank screen o that one fit just lead to HBP.

[Charles-Tim]

Dem won 2 implement and use di cashless economy policy nai make dem won stop the naira card transaction from zenith Bank. But day not withstanding, even dem stop dat won boys go use another way to buy things internationally.

The reason is to discourage purchase of goods and services from foreign organizations, they are looking for ways naira will not depreciate more in value, but using it to inconvenient citizens. Your bank will support dollar card, and its daily limit is $1000, no limit for POS.

[Agbe]

Dem won 2 implement and use di cashless economy policy nai make dem won stop the naira card transaction from zenith Bank. But day not withstanding, even dem stop dat won boys go use another way to buy things internationally.

The reason is to discourage purchase of goods and services from foreign organizations, they are looking for ways naira will not depreciate more in value, but using it to inconvenient citizens. Your bank will support dollar card, and its daily limit is $1000, no limit for POS.

Thank u Veri much di clarification. I bin no Kno sae na day kind angle di mata dey go. Nai bi sae di idea as e bi like dis e no 2 bad like dat o. Bcuz na those tins nai dey make we money dey come down well well. I bin think saw na r di cashless issue bcuz na di period nai dem dey bring all dis things. Thank u Charles-Tim 4 making it clear bcoz me I bin dey take from another way.

[Igebotz]

There are many local and international virtual cards that work better than these worthless naira debit cards, and the monthly international spend limit is around $1k-$2k. When I have time, I will compile a list of some of them. but for now you guys can use Eversend virtual dollar card and Bitsika Virtual Visa Dollar Card to make international transactions at low fees.

[DaNNy001]

There are many local and international virtual cards that work better than these worthless naira debit cards, and the monthly international spend limit is around $1k-$2k. When I have time, I will compile a list of some of them. I will return to post

I think that will be helpful, because most person that are used to buying and getting stuffs from the international market with their cards can really do anything and the spending for some card or i no know if the spending limit na every card because I saw one time in the news that spending limit has been reduced greatful for any foreign and international transaction. So i don't know if i have knowledge of any virtual Card having such high spending limit , please anyone with such knowledge should drop and share

[Obari]

I'm sure one of the major reasons for all of this news is that fact that they're trying so hard to force it's citizens to owning a domiciliary account and this is another evidence that Nigeria is really backward and I do pity for us because everyone in a top position wants to create an avenue to comb and channel revenue to themselves.
I once got a similar mail from Polaris bank when I was trying to fund my DerivGo account that I wouldn't be able to fund my account with my debit card an even after I tried opening a domiciliary account, I was told that I could only fund USD fiat in it rather than my local naira and I was still wondering what the need for the account was.
I hope Nigeria takes their time to analyze everything they intend doing before implementing it.

[Cryptomultiplier]

There are many local and international virtual cards that work better than these worthless naira debit cards, and the monthly international spend limit is around $1k-$2k. When I have time, I will compile a list of some of them. but for now you guys can use Eversend virtual dollar card and Bitsika Virtual Visa Dollar Card to make international transactions at low fees.

There is always a solution around a Nigerian problem. Even if the government make life much difficult, we will find a way to survive.
All this is due to oncoming elections. Naira is restricted, the government doesn't want cash to be in excess hence why they are ensuring they block some major access to cash using valid mediums. First, it was redesign of Naira notes, next thing, it became unavailable.
Now they suspend Naira debit cards, along with other new impositions just to hold the country down.
Why we no go find alternatives?

[DaNNy001]

There are many local and international virtual cards that work better than these worthless naira debit cards, and the monthly international spend limit is around $1k-$2k. When I have time, I will compile a list of some of them. but for now you guys can use Eversend virtual dollar card and Bitsika Virtual Visa Dollar Card to make international transactions at low fees.

There is always a solution around a Nigerian problem. Even if the government make life much difficult, we will find a way to survive.
All this is due to oncoming elections. Naira is restricted, the government doesn't want cash to be in excess hence why they are ensuring they block some major access to cash using valid mediums. First, it was redesign of Naira notes, next thing, it became unavailable.
Now they suspend Naira debit cards, along with other new impositions just to hold the country down.
Why we no go find alternatives?

We will always find an alternative, that's true because its just human nature to adapt to changes all around him. Nigeria don dey condition its citizens no be today but omo no matter how dem carry us go we dey ready for their matter. This reason months don see so many things wey don happen for the Nigeria financial and banking sector wey dey even surprise me. At first I thought the cbn have finally come to the acknowledgement that the naira don really depreciate and are putting all this new rules and regulations to help revive  and give its currentcy a value. But now that you have come to mention it, i also feel maybe its just part of their political game to find a way maneuver their way around this years elections for their propose candidate.

[Enjoyment]

The suspension of the new naira notes is the main issue right now.
How should we do this matter to be soft,
But for me e, I thought it would be better if the federal government just disburse the new naira notes to commercial banks,

And gradual by gradual the new naira notes will dominate the old ones and too they should seizing the old one if it comes to bank,

I think this should be the best way and it will not stress neither the federal government nor the citizens,.

[Dr.Bitcoin_Strange]

The reason is to discourage purchase of goods and services from foreign organizations, they are looking for ways naira will not depreciate more in value, but using it to inconvenient citizens. Your bank will support dollar card, and its daily limit is $1000, no limit for POS.

Bro, Nigeria imports way more than it exports, and that is what is putting pressure on the naira and making it less valuable. Nigeria may export a huge amount of petroleum, gas, cocoa, beans, and gold, but it also exports a lot of other things, like cars, tires, and different kinds of food stuffs. I read in an article online that such activities were what led to a foreign trade deficit of N1.94 trillion in 2021 as the country imported far more than it exported, causing an imbalance that has made the naira weaker. 
This problem was mostly caused by some high-class businessmen and women and some government officials, but now it's people like you and me that are going to suffer more, while we don't even export anything too serious. Now that they (the government) have limited or canceled international transactions, I hope they have also made sure to limit those businessmen and other government officials that are playing more significant roles in the importing business because they are the ones who matter more while others who just buy a few things are going to suffer under these new rules.

But Boss, do you think this rule, will affect those big business men and women who are really importanting more goods and way too much?