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NO Foreign Transactions with your Naira ATM/Debit/Credit Cards from January 2016

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A recent email sent by Standard Chartered Bank Nigeria to its customers has revealed the Central Bank of Nigeria‘s plan to halt all foreign (non-Naira) transactions on Naira ATM, Debit and Credit cards effective January 1 2016.

What this means is that, if you travel abroad and try to use your card, it will not work. If you 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 fo a foreign currency transaction, it will not work.

Sunday Punch reveals,

In a notice to its customers, Standard Chartered said, “This is to notify you that from January 1, 2016, your naira card will no longer be enabled for international use. This is as a result of the limited foreign exchange supply in the financial market.”

Asked how long the suspension of cards from international transactions would be, the spokesperson for Standard Chartered Nigeria, Mrs. Dayo Adurogbo, said, “We cannot give a definite date. It depends on how soon it is available. We will do everything to meet our customers’ demand once it is available.”

Further findings showed that a number of other banks had stopped customers from using their ATM cards abroad but had yet to officially communicate this to them.

This is bad news for Nigerian travellers and business owners who rely on this service for hotels, flight bookings and ordering goods.

However, a source at CBN says it is “a necessity”. Punch outlined this by explaining the cause – the fall in prices of crude oil, the main earner of foreign exchange for Nigeria, has made the nation’s forex income to reduce drastically, creating dollar scarcity crisis for the Central Bank of Nigeria.

The CBN has been rationing dollar to banks, importers and other forex users as the nation’s foreign exchange reserves continue to deplete, hitting $29.4bn on December 7, 2015.

131 Comments

  1. Kenechukwu

    December 20, 2015 at 11:13 am

    Beht why?
    I have foreign exams I need to pay for and now I can’t
    Even with GEJ’s “kwarupshion”, we still had some semblance of existence. Now I don’t know where this economy is headed.

    • Timothy

      December 20, 2015 at 12:38 pm

      If you have a Foreign Exam that needs to be paid for, just approach your bank and inform them. You can access funds from the official market as it falls under the guidelines of transaction eligible for foreigm exchange using a Form A.

    • Julz

      December 22, 2015 at 6:29 am

      This does not make sense…im a student who lives abroad….how do i get cash. I usually have naira deposited into my naira account for use. Now if pounds r even sourced for in d black market to transfer 2 me. It will still not be possible to deposit it to make a transfer to me as banks have stopped accepting foreign deposits. So i have to come home every 3 months to buy pta…This country is just full of shit

    • Dr Lanre Ade

      December 26, 2015 at 10:03 pm

      can you hear yourself? so the use of Form A is more convenient to that of Naira Master card?

    • Morgan

      January 1, 2016 at 4:25 pm

      Timothy you are so behind the worlds vast developments the purpose of ATM cards was to make transactions more convenient for bank customers are you not ashamed that your country have to go back stone age in this 21st century for you to advice your citizens to go use Form A to pay for foreign exams? some of these exams are as low as 15 Usd…and you say your citizen should go fill form A in a bank just to pay for a 15 Usd exam. Look my friend this policy is the dumbest policy and I bet you just like other foolish policies by this CBN governor it will not help the Naira nor the economy watch it.

    • Gaylyn Kahea

      January 2, 2016 at 7:45 am

      @Timothy .. I think you are been jealous of students abroad maybe because you never had the opportunity to travel abroad cos if you do, i don’t think you will make such comment. Despite the bank limits, daily, monthly and annual limits yet the country remains the same. If Mr President truly want us to believe in his so called Change, then he should start with the power sector. If you have ever traveled abroad, then you will realize nothing works without electricity. If the government cannot provide 24hrs non-interrupted electricity power supply, then he is the same as past governments. Nothing works without electricity power even when God started creating, his first words were LET THERE BE LIGHT.. Because he needs light to see what he is doing. Nigeria is in total blackout and so long as we are in blackout, the citizens are blind to see.

    • nene+

      December 20, 2015 at 6:44 pm

      Now Nigeria know the difference between Ngozi Okonjo Iweala /local champion Kemi Adeosun, Akinwunmi Adesina /Audu Ogbe (retired), Deziani / Buhari (Ph D one chance)
      How people used their God’s given thumb to vote these 1984 ancient mummies, out of tune of Economic realities gave me left me bewildered! Blame Tinubu’s and dumb followers cos even Northern delegates that presidential. Pri night wanted Kwakwanso!

      Tinubu deceived Nigerians and Yorubas, may be he had imagined Buhari will be like Audu don’t ask me which? …..and he will plant Osibajo……………

      Nigerians behold ya change!!!! Ngozi, Deziani, superwomen!!!!! No matter what inhouse rats thinks Deziani ensured free flow of pet. product. Ngozi helped put Nigeria on the radar.

      Nigerians voted a local unsuccessful biz man, do you expect magic? Pound 400 dollar almost 300 and mr agriculture Audu Ogbe is incommunicado!!

      Keep celebrating birthday President and daughter while your followers mouth remain shut and sealed!!!! Mbaka and co

    • DD

      December 20, 2015 at 9:22 pm

      ‘Diezani ensured free flow of oil’. LOL, you seem to have completely missed the point… what the heck are you talking about? Listen, the problem is that the global oil price has fallen drastically and is projected to fall even further. In other words, no one wants our oil and those who want it are paying peanuts for it. The people whose praises you are singing are the same people that helped perpetuate our over-reliance on oil to the point that now that prices are low, our economy is severely threatened. They are the same people that failed to boost our reserves so that we are now in dire straits due to the lack of oil dollars coming in. Do you get it now?

    • akin

      December 21, 2015 at 3:43 am

      Nigerians has enter one chance. Voted PMB with Nepa certificate . Only God will deliver us oo

    • smh

      December 21, 2015 at 3:43 am

      nene you obviously do not know what your talking about……the Foreign reserve was already depleting before Jonathan left, to make matter worse oil price (the major source of revenue for Nigeria) is depleting. GEJ’s administration is overwhelmingly involved why things are getting bad in Nigeria. Over reliance on petroleum has killed Nigeria, it is only now that the reality is glaring. A nation of consumers.

    • Adetola

      December 22, 2015 at 8:02 pm

      You Dont no anything bro, y can’t you study in naija? You all contribute to the downfall of our country. Do you know what favourable balance of trade means? If No, it simply when the importation is more than the exportation.
      Good move @ CBN

    • Nasir Ahmad

      December 27, 2015 at 10:36 pm

      Be rest assured that no amount of pressure will make us turn our back from President Muhammadu Buharis lead administration. Every concious minded Nigerian shall not vote pdp for the rest of his life. Part of the hardship we are in is as a result of 16 years loot and embezzlement of the the pdp lead administration. Don’t forget the price of crude petroleum during their time nearly hit $200. Go and ask what Saudi Arabia and the other opec countries who have leaders with foresight did wit h their surplus. Long live Nigeria! Long live President Muhammadu Buhari.

    • Nasir Ahmad

      December 27, 2015 at 10:52 pm

      Cool down guys. Remember that part of the problem we are in today is as a result of 16 years loot and embezzlement of the pdp lead government. Don’t forget that during the pdp era, the price of crude oil hit close to $200 a barrel. Where is that surplus billions is what we shall ask our selves. Those opec members who have focus change the trend of their economy to diversify to non oil sector with their surplus. So we have to be patient and encourage President Muhammadu Buhari to fix some of our problems. Long live Nigeria.

  2. jilljill

    December 20, 2015 at 11:14 am

    It’s unfortunate. This is what overreliance on crude oil has caused. Shouldn’t refocus on other means of boosting the economy be priority? Agriculture? I really don’t think banning the use of ATM’s will solve anything

    • nene+

      December 21, 2015 at 12:59 pm

      @ DD please go over what I wrote! Dezieni ensured free flow of pet product meaning PMS, DPK etc!!!!!!!!!! Read to save your life! I didn’t delve into international oil pricing!!!
      Deziani ensured no queues……not now that people collapse in fuel queues.

      Keep blaming GEJ,Deziani, Ngozi your easy prey. Who born you to blame your masters in the North and West? Your gods Amaechi,Fashola,Oshiomole and co dragged Ngozi for saving up the Sov. Wealth Fund to court and they won and monies where shared and used to sponsor this clueless govt!!!! In 2019 when someone else comes to probe. PMB campaign funds, jaws will drop!! People should stop being childish!!!!
      PMB has just 2 years to blame GEJ, one year is gone already, the final year will be election year. Keep blaming……….happy blaming now and in the months ahead. Blame GEJ but your clueless selves. Mtcheew govt without direction, vision nor mission! Stray Government………..mtchew

  3. Lalala

    December 20, 2015 at 11:26 am

    Imagine the UK government saying you cannot use your card anywhere in Europe or the US. Can never happen. I just don’t understand how the Nigerian government does things. No matter what, there is no rationale for this.

    • sigh!

      December 21, 2015 at 4:33 pm

      Lalala,
      In Nigeria, you can have a foreign currency account in addition to your naira account. The Naira account is for local transactions and the forex one for foreign transactions. So what are you confused about?

    • Benno

      December 22, 2015 at 1:12 am

      Are dreaming? Foreign currency account U can’t pay into? Go and inquiry at the bank, U would be shocked!

    • Morgan

      January 1, 2016 at 4:38 pm

      Let me educate you cos obviously you are the confused person here. The dumb CBN governor has also indirectly blocked the use of domiciliary accounts which you are referring to as foreign currency account. In their earlier policy CBN stop the deposit and withdrawal of foreign currencies to these accounts which is another “roadside mechanic” type of policy! for a presumed economist. so if you can not put dollar into the account how do you use the account for foreign transactions? except someone wire my account with dollar, so if I do not have anyone to wire dollar to me how do I use the now useless dorm accounts???. Please if you have less knowledge about a subject don’t comment on it again okay. I am sure you do not run any foreign transactions if you do then you won’t say such clueless policies from the CBN is worth it

    • Devil

      December 31, 2015 at 8:55 am

      @lalala: You are very right. There is no rational reasoning behind this action.

  4. Abimbola

    December 20, 2015 at 11:46 am

    Isn’t this an indirect ban on imports? If you can’t pay in the currency of the country you’re buying from ,how do you order?
    Diversify,our government no gree.when the economy is halted, we shall see .Buhari should continue flying everywhere.
    Pls don’t say Buhari is not in charge of CBN oh.
    My dear ‘ol Nigeria,how shall we save you?
    On the converse side though,it might make us look inward and find alternatives.Let’s see how it unfolds.

  5. The girl who eats Jollof rice & drinks kai kai

    December 20, 2015 at 11:48 am

    Sitting overseas & watching your change happen…
    Kpele everyone….

    • Anonymous

      December 21, 2015 at 6:41 am

      Hahaha. Abi o. Change don happen now. When Amaechi, Oshiomole, Fashola and other APC ‘change agent governors’ dragged OkonjoIweala to court for saving money and starting the SWF, all the APC supporters were clapping. Why complain now. Abeg. Let the movie continue. More popcorn.

  6. Odi

    December 20, 2015 at 12:01 pm

    This is what happens when you make an uneducated fool your president.

    • David

      December 20, 2015 at 4:26 pm

      You are the fool. No matter what don’t abuse him

    • Mrs Haastrup

      December 20, 2015 at 10:51 pm

      @ David=Sorry o molebi Buhari…..If he is not a fool,what is he then? an Orangutan. How can this useless law benefit entrepreneurs ? Maybe he is your father that is why you are mad, sorry omo arindi.

    • Emma

      December 30, 2015 at 1:21 am

      From what i have seen and read so far, the people that are praising Buhari do not have Master Cards or if they do, they haven’t used it for any foreign transaction, or if they have, do not rely on it on a daily basis cos if they do, they would know that this new development is about to fuck up so many things for so many people. This simply means u can’t buy anything on Amazon, Ebay. U can’t order anything online from a foreign website. Some peoples livelihoods are based on such transactions. I am a lecturer, 99% of the books i buy are from Amazon and i use my Master Card in purchasing them. As a matter of fact i got 6 books delivered to me just two weeks ago. Now tell me how i am to continue with my PhD now that this cock sucking retarded monkey has decided to make the Master Card more worthless than a Verve Card!

    • Rt

      December 20, 2015 at 4:39 pm

      All of them are clueless. Both the former and the current administration…And the sad truth is that there is no hope in the near future.

    • Igbegocho

      December 20, 2015 at 8:55 pm

      I beg your pardon. Please speak for yourself there is hope for ME and that means there is hope for my country. We always see the problem, why not try a new angle and look for the opportunity in this. I’m quite frankly very excited about this news as we are a consuming country, this means the Naira can now be put to work and increase its value. So again I’d appreciate it if you keep your pessimism to yourself.

    • Tari

      December 20, 2015 at 5:06 pm

      As if the cluless PhD holder was any better.

    • Chi

      December 20, 2015 at 5:47 pm

      Aleast Dollar never got to N270 and whenever I travelled, I could use my Naira debit card to shop or on the ATM over there.

    • nwa nna

      December 20, 2015 at 8:59 pm

      @ Odi, this is what happens when you had an inept like GEJ and his cronies that robbed Nigeria blind while the price of crude oil continued to plummet without any plans to diversify our reliance on oil…
      Truth be told, all the previous Nigerian presidents are just as guilty because none of the past administration put any plan in place for life after crude oil… As long as crude oil prices continue to drop Nigeria will struggle with having enough $$$$$ in its coffers.
      The average Nigerian doesn’t understand that there’s a liquidity issue in the naija banking sector, and if you make a foreign purchase of with your Nigeria debt card, your Nigerian bank cannot remit the forex to the merchant because your bank is unable to access enough forex from the CBN that they need to cover forex transactions..

    • Anonymous

      December 21, 2015 at 6:46 am

      Propaganda has fried your brain. Do a basic online check and you will see newspaper articles upon newspaper articles where your ‘change Governors’ Amaechi , Oshiomole, even Fashola took OkonjoIweala to court because she insisted on saving and putting money in the SWF but you APC change governors said all monies must be shared. Shame that it is lies that APC supporters think they can use to hide from the terrible state the economy is in now. Abeg. Una change never even start.

    • DD

      December 21, 2015 at 8:44 am

      Exactly… there are no innocent parties here… what we are experiencing is just the result of decades of poor governance, lack of foresight and lack of planning.

  7. Ms jazz

    December 20, 2015 at 12:12 pm

    Buhari what are you doing to Nigeria???

    • ATL's finest

      December 20, 2015 at 7:06 pm

      Bunch of SHIT!!! I’ve never been a FAN *rolling my eyes* imagine how many Nigerians make foreign transactions in a day or does international business, trips etc. Mehn I can’t deal with foolishness. Who freaking pass such rules?? #SoPATHETIC#???

  8. ATL's finest

    December 20, 2015 at 12:12 pm

    Smh everyone is praying for a better 2016 & thinking of how they can move forward. But Nigeria is heading backward. Can U imagine not been able to use your card? That’s a striction right there. If I talk now, some jobless commentators will say I find every chance to bash my Country smh.. I know as of now, U can’t withdraw more than $1,000 from your account in a Month. May God help Us.

    • Finest sha!

      December 21, 2015 at 4:35 pm

      You know you can open a dollar account right?

    • Anon

      December 21, 2015 at 8:52 pm

      Yes but for now deposits into or transfers from dom accounts aren’t allowed, except withdrawals (CBN directives). So dom accounts are now basically useless to their holders…

    • Eby

      December 23, 2015 at 9:52 am

      From January u can’t withdraw at all

  9. Clueless Government

    December 20, 2015 at 12:48 pm

    Useless government indeed. I have been trying to get some money from my folks in Nigeria for my Uni fees for a week now? . So many policies here and there , in the banks and by the Nigerian govt. What about innocent and honest people who require money or these financial transactions genuinely.
    Since the current Govt took over it has been a nightmare sending money abroad. There are certainly more sensible approaches and measures for curbing money laundering and certainly not this.

    Afterall there are finanicial frauds all over the world , Uk , America and anywhere. Imagine not being able to send more than 190,000 naira abroad ; at a go to prevent fraud. Yet you see several govt officials kids graduating from various universties abroad. Any many other children of high ranking govt officials schooling abroad. Who is fooling who?.

    The only people having a swell time out of this are the likes of western union, RIA and other money transfer companies. I knew there was indeed no change, Its only a matter of rebranding an old mantra in new clothes. Thats exactly what this new govt is turning out to be. Imagine Naira to Pounds is how much as of today?. Nigeria has a long a way and only divine intervention can pave a way.

  10. observer

    December 20, 2015 at 12:48 pm

    Correction: “halt” not “hault*

  11. Cindy

    December 20, 2015 at 12:51 pm

    Abeg o. What will happen to my sister that schools abroad? She relies on her UBA account for her allowance, rent , and school fees payment. What sort of nonsense is this?

    • Timothy

      December 20, 2015 at 1:09 pm

      Hi Cindy, you can still access the official market for forex to remot school fees and living expenses.

    • Lovely eyes

      December 21, 2015 at 11:43 am

      Yeah, only there’s always a long queue, so funds cannot be disbursed as at when you need it.

  12. Cookie Lush

    December 20, 2015 at 12:52 pm

    What then is the need for the ATM cards. They keep charging us monthly for maintaining ATM cards u can’t even utilize. Nonsense!

  13. Monet

    December 20, 2015 at 12:52 pm

    Is it not the same banks that take the little foreign currency that they have and sell to the black market operators. Its because thay are all looking for money post-TSA and find it more profitable to provide foreign currency on the black market at ridiculous proces than on the open market at normal prices.
    Still boils down to the incompetence of this administration. No clear policy for anything, just to be shouting ‘change’ and ‘sai baba’. F**k*ng retards!

  14. Timi

    December 20, 2015 at 1:01 pm

    I laugh at the hypocrisy of Nigerians. When oil prices were at $128 per barrel do you know what other countries did with the windfall? They saved it and built up their foreign reserves. Saudi Arabia has a $662 BILLION war chest, Russia has $371 billion, even pangolo war-torn Libya has $105 billion in foreign reserves. Nigeria has a paltry $28 billion pere. You need those foreign reserves so that you can support your currency and avoid rapid devaluation.

    What did we do with our foreign reserves? We bought private jets and Porsche Panameras. The same people commenting on BellaNaija are the ones who applaud the madness that Nigerian weddings have become. Nigeria is the fastest growing champagne consumer in the world.

    Yup we drank and consumed all of our foreign exchange earnings and transferred it to other countries not run by a bunch of rabid consumerist short-termist MGBEKES. You are now coming to BellaNaija to scream foul. There’s a lot more pain to come. Siddon there.

    Jonathan’s first act as president was too deplete our $30 billion excess crude account and shared it with the governors. Development tufiakwa. Instead they all bought private jets and funded all manners of madness. Those jets that there are no longer any dollars to maintain. I laugh in Itsekiri.

    • OJ

      December 20, 2015 at 1:39 pm

      Don’t mind Nigerians abeg, when they are busy throwing wedding parties on airplanes, dubai, london, new york miami, etc and displaying it on BN, people were busy tapping into and claiming one thing or the other, not really questioning the source of the funds….it has come back to back fire us in our asses now

    • DD

      December 20, 2015 at 5:23 pm

      You have said it all. We are reaping the ‘rewards’ of short-sightedness.

    • Mewe

      December 20, 2015 at 7:48 pm

      You can make all the points in the world, but when you embellish with a lie then you’re nothing but a liar! After your thesis, you forgot to add that Jonathan/NOI begged the governors to save but they refused! They took him to court which necessitated sharing the excess; Amaechi and Oshiomole led the aggressors… mana keep spreading your lies and half truths… blame Jonathan for everything but not for this.

    • Nene+ Gaga

      December 20, 2015 at 10:23 pm

      Why shouldn’t Jonathan be blamed for this?? WHO DEPLETED NIGERIA’S RESERVES via Mr Santa Claus Dasuki sharing billions left right and center just because someone wanted to be sure he would be re-elected?! WHO?! Answer please!!!

    • Niola

      December 21, 2015 at 12:32 am

      Timi may God bless your cerebral mind! Let them be blaming Buhari there o sometimes I wonder of people are actually educated enough to have read newspapers all this while..an overly dependent nation on oil and imports ,a depleted foreign reserve by a clueless GEJ led government and you think the impact of that won’t show .. Ese se beere o..better brace up for 2016 and stop buyin ya lvs and range rovers sometimes I think Bella nAija has a bunch of teenagers as commenters gosh! I am so disappointed in some of the comments for now buhari is the best thing that is happening to Nigeria in 8yrs ..all my uncles in civil service that were chopping big time money in the past government now all leakages have been curbed sorry for any typo I am just about to go to bed woke up to read this and I’m like I must reply oo what are these people here ooo.. For a start start watching channels news at 10pm and not cnn it may help to understand your country’s economy better .. ..

    • Honeycrown

      December 21, 2015 at 3:20 am

      Thank you Timi, thank you for talking sense!!

    • Anonymous

      December 21, 2015 at 6:51 am

      Read the constitution my friend. The governors of change Amaechi, Oshiomole and even Fashola went to court to insist all monies must be shared according to the constitution. OkonjoIweala was taken to court for wanting to save money which was common sense but no, according to the hypocrites now in government the FG had no right to save money then. So Abeg make I hear word. Blame should be put squarely where blame belongs – on the governors of ‘change’. As for me and my household we are cruising in God’s everlasting provision. .

    • Nur

      December 21, 2015 at 9:33 am

      Thank you for clearly laying out the root cause of these FX Scarcity. it is due to our mismanagement which preceded the current Government.

      the only solution now is to devalue and allow for the worst to happen because we are already headed there anyways.

    • Mrsbrown15

      December 21, 2015 at 10:16 am

      Couldn’t have said it better myself. GEJ’s administration plundered and stole. Everyone on here saying Buhari’s administration is making everyone suffer is deluded because Nigeria’s suffering started right from GEJ’s administration.

      This would have happened regardless of who is president.

  15. classic

    December 20, 2015 at 1:16 pm

    Buhari must go asap…………………Seems like this guy never learnt any lesson since 1984 when he was ousted………………..Sending Nigeria backward is unacceptable and its obvious that you can’t put this one on GEJ………………………….This man must hate rich people a lot…………………Nonsense!

    • Mrsbrown15

      December 21, 2015 at 10:21 am

      Really? Your comment is so childish. “Buhari must hate rich people”. Have you ever sat down to ask yourself how these so called rich people became rich?

  16. Amaka

    December 20, 2015 at 1:17 pm

    It’s sad that many can not see that what’s happening now is a direct effect of all the looting of the past administration. Their plan was to get more money by increasing tax heavily and other means. Speak to your bankers and they will explain to you that this is actually been done to save an economy that was on the brink of collapse! While I think there may be a better way this is hopefully a short term measure . A lot of Buharis trips are actually to speak to foreign govts to give us back monies illegally banked abroad. So far corrupt businessmen and govt officials have returned billions to CBN ( not speculations, ask anyone in CBN who should know). If Jonathan had continued in power you may be spending your dollars o but the economy may have completely collapsed. for those of us studying abroad it’s a huge inconvenience but what we need to do is understand the enormously of the situation and hope they are able to diversify our economy. Jona with diezani n Ngozi almost ruined our nation. Even our former agric minister who we thought was credible was busy trying to ruin local farmers by introducing GM seeds that developed nations like France, Japan and Italy have banned. Everyone tighten your belts as like a case of bad acne it may have to get worse before it gets better. God help us

    • Angel

      December 20, 2015 at 6:32 pm

      Puleeeeeese, this is the problem with this present administration…. Believe it or not, you never look good trying to paint someone else bad, it has a way of firing back at you. If you have any sense or really wanna tell yourself the truth, you will accept that Nigeria problem did not start today, nor did it start with the immediate past administration. What this new government ought to concentrate on, is finding best way to keep the economy afloat and not pointing fingers here and there. It only shows their ineptitude even more.

      I don’t wish to comment on all the recent CBN policies, It affirms what I ve always said that Nigerians not only the govt are beyond clueless, It’s actually scary.

    • heeba

      December 21, 2015 at 3:29 pm

      looks like you were born yesterday

    • Lagosgirl

      December 20, 2015 at 6:58 pm

      Shut your toilet, your name is not Amaka!

    • DD

      December 20, 2015 at 9:25 pm

      What do you mean ‘your name is not Amaka’? So the name your parents gave you is ‘Lagosgirl’? Nonsense. Sometimes if you have nothing useful to say, it’s better to say nothing at all.

    • nene+

      December 20, 2015 at 7:04 pm

      Amaka indeed!!!! Blame it all on Ngozi and Deziani while you lick the ass of Buhari and Tinubu OBJ your brothers and saviours!

    • DD

      December 20, 2015 at 9:23 pm

      Who’s Deziani?

    • Nne

      December 20, 2015 at 8:01 pm

      Yeah, no. Buhari has not put forward an economic policy. What does this have to do with thieving GEJ and his croonies? Do you know the incredible boost to the naira that can come from announcing a sensible economic policy? A plan to be less dependent on oil? Haba. Let us speak up now now, its not when we are three years down the tube that we start talking. Let Buhari start hearing constructive criticism. As for his foreign trips, half of them were unnessary. To get your money back, send your ministers to do the leg work, then pick up phone to do more work, and then make a trip. Oh and yes, feel free to sell off 5 jets mbok! Let us stop making excuses for PMB. Demand more from him biko so that we dont end up worse than before. He needs to come out in plain english (or as much as his mother tongue interference will allow) and explain to us how these devaluations will help anything. I am tired of this sufferhead and i am pissed that i put up with insults from my relatives when i was begging them to vote for PMB for naught.

    • Anonymous

      December 21, 2015 at 6:53 am

      You are clearly too young to have known the history of 1983 Buhari’s first stint. Same old story. Abeg, the economy was not on the brink but has been on the brink for the past 7 months when foreign investors pulled their funds and ran. So tell your propaganda takes to someone else please.

  17. Lol

    December 20, 2015 at 2:26 pm

    Ummm if you’re a common man and you Dont have money you will be fine this doesn’t apply. All the aunties and uncles that come here(USA) every summer blowing govt money you’re end times is near. There is obviously an alternative. No more spending if money that doesn’t belong to you.

    • The real dee

      December 21, 2015 at 12:48 am

      What is this one saying?

  18. Nwa

    December 20, 2015 at 2:51 pm

    Timi and a few others are the only ones that have spoken wisely. In a bit shocked cus most of the readers of Bn are well educated folk. We have no forex o! It’s sad that it’s affecting us all but it’s the result of poor leadership in the past. If u need to pay school fees and rent abroad then do it via form A your banker should be able to assist you.

  19. Yinka

    December 20, 2015 at 2:58 pm

    Let’s face it, the economy is in bad shape and the extent can only be imagined. Both the Finance Minister and the CBN Governor are in the best position to explain this situation to Nigerians. Suspending the use of Debit or Credit Cards for forex transactions will send the wrong signals to other countries on the Nation’ s economy and decline some hereto accessible services to Nigerians which will be bad enough. The Buhari government need to find a way to prevent degrading Nigeria’ s image with the recent message from CBN.

  20. ImoMan

    December 20, 2015 at 3:15 pm

    Little income now with a depleted foreign reserve. Only practical option left to reduce pressure on the dollar demand…
    leaktimesng.com/2015/12/5343/
    “34 Million Barrels Of Nigeria’s Crude Oil Has No Buyer”

  21. Rosie

    December 20, 2015 at 3:34 pm

    There are students abroad,how are we going to survive?

    • Chi

      December 20, 2015 at 5:51 pm

      My bank FCMB sent me this mail a couple of weeks ago. To manage the situation, you need to go to your bank and request for a dollar debit card. Once you have the Dollar ATM, you can do all you want yo do

    • Clearcloud

      December 20, 2015 at 9:12 pm

      … And where will you get the dollar to fund your dollar ATM?

    • Julz

      December 22, 2015 at 6:36 am

      When banks r not accepting foreign deposits

  22. Chi

    December 20, 2015 at 5:53 pm

    Following the recent changes in the Nigerian Foreign exchange market and a recent mandate by the CBN, the use of Naira denominated Corporate cards will no longer be permitted abroad.

     

    This means that, as a Corporate Card holder, you can carry out your transactions using your card within Nigeria only. You will not be able to use your Naira denominated Corporate card abroad for ATM withdrawals, POS transactions or online purchases at international stores.

     

    As an alternative, we have a variety of Foreign Currency cards available:

     

    –          Prepaid USD Debit MasterCard

    –          Foreign Currency Credit Card (USD)

    –          Foreign Currency Debit Card (USD or GBP)

     

    Please speak to your relationship manager for more information.

     

    Thank you for choosing FCMB.

     

    Yours sincerely,

    For First City Monument Bank

  23. Bolaji

    December 20, 2015 at 6:37 pm

    We have come to a point of reckoning as a country and as individuals. There is not enough dollars in the economy to meet the import demand needs of 170 million people so rationing is inevitable. The question Cbn is trying to balance is do we fund people’s holidays and spending sprees overseas or do we conserve our dollars in order to import petrol. Do we use our dollars to pay rent overseas or do we use it to import food. Do we use our dollars to pay school fees and medical bills abroad or do we service our external debt. These are all very difficult choices but ones we have to make nonetheless.

    These are very trying times for us as a nation and Goldman Sachs is predicting $20 per barrel oil before we see the bottom of this. Last quarter we our crude oil sales fell by almost $2 billion. As it turns out, the value we put on our output as a nation was grossly inflated and it is time to pay the piper.

    We need to look at our household budgets very carefully going forward. If it is something imported do we NEED it? Can we find a local alternative? Do you have to go on holiday abroad this year or next year? Are there expenditures you can defer for 18 to 24 months?

    The dollar rationing is only going to get worse next year. We all need to tighten our belts and brace ourselves for harsh economic winds.

  24. Igbegocho

    December 20, 2015 at 7:46 pm

    I know there is an opportunity somewhere in this. I refuse to become gloomy.

  25. ify

    December 20, 2015 at 8:18 pm

    In as much as I know that the price of Crude oil is dropping in the international market and CBN is trying to protect its dollar reserves, employing total restrictions on foreign exchange transactions without other follow up economic policies to cushion the effect this would have on the wider economy is tantamount to sending the Nigerian economy into reverse gear which in itself is worse than the fall in oil prices. It should not come to this if we have a sound economic team to put in place and implement support policies so as to ensure this directive is exploited in the short term.

    If CBN can effect total restriction on foreign exchange transactions, then the Federal Government should also make hard economic choice so as to ease the pressure on the naira e.g (1) stop paying subsidy and Deregulate your downstream petroleum sector as this would encourage foreign direct investment which government needs. (2) Nigeria is a gas country and is in the advanced stages of exploiting natural gas reserves. Fast track this. (3) Certain sectors in the economy are exportable and can be taxed. Sectors such as Nollywood and entertainment. Provide policies to make sectors like these flourish and tax exportable products and services sectors such as these produce (4) Reduce on dollar cost of Governance (5) Power sector privatisation is almost 50% complete, push this up to 75% completion so that government starts to generate revenue and attract more foreign investments. (6) set up a few more tax free zones in the country to entice foreign companies to invest in Nigeria. (7) Encourage banks and other money deposit institutions to loan SME’s and MSME’s funds at cheaper rates so they can produce goods that would compete with foreign imports. In so doing you reduce direct spend on forex in the long term.

    • DD

      December 21, 2015 at 8:40 am

      Excellent comment. Hope the government takes these steps because things are looking dire….

    • Tiwo

      December 26, 2015 at 11:35 am

      I just wish everyone could read your comment and educate themselves…

    • Ohimogbo

      December 28, 2015 at 9:02 am

      Nigeria always lack track of decision, which in turn; throw the entire inhabitants in awe. Taking a step without considering its effect on the noble lives, makes no sense. (NOW MY PUBLICATIONS CAN GO THROUGH FOR NOW!)Well if the administration of Buhari, would look into your aired opinion, it could ease the pain in us instead of pointing negative fingers on the immediate predecessor. Corruption had been rooted in our lovely country for decades now. So; taking a step to correct the wrongs that have been made already should start straight from the power house of the country (Self-Error-Correction). I hope this decision should not land us in a terror zone than we already have. ***GOD HELP US*** and Good luck to us all in Jesus Name!

  26. Robby

    December 20, 2015 at 8:37 pm

    And what now happens when you are not in the country but rely on your card to buy and send stuffs for sale????

    • Segun

      December 21, 2015 at 8:44 am

      Stop sending “stuffs” for sale. Move back to Nigeria and start manufacturing it here.

  27. Nene+ Gaga

    December 20, 2015 at 10:16 pm

    we all know nene+ goes ga-ga and loses all sense of reasoning anytime anything related to bashing the current government comes up, yet you see her preaching God on other non-politics threads. Hypocrite!

  28. nene+

    December 20, 2015 at 11:11 pm

    Why are you stealing part of my name madam? Create your own identity and be proud!

    Just to let you know there is freedom to speak and practice politics, get yourself some common sense, I am PDP and you are APC, you hate GEJ and I don’t like yours and you are loosing cool?

    So until I like yours I am a bad person? Abeg grow up! Meanwhile bear your name.

    • Nene+ Gaga

      December 21, 2015 at 12:09 am

      hahahaha, lmao! stealing part of your name, but stealing is not corruption nau madam, hahaha :d
      Fyi, I am not like you who HATES anyone who is on the opposing side. I do not hate GEJ, you are the one doing the hating up and down. You therefore are the one that needs to GROW UP and stop throwing tantrums like a toddler.

    • DD

      December 21, 2015 at 8:39 am

      Yes o, honestly that’s what annoys me about nene… her assumption that everyone is as one-sided and vitriolic as she is. Just because you abhor and insult anyone that isn’t crazy in love with GEJ and his cohorts doesn’t mean that other people are incapable of being more objective.

  29. 2 hungry women

    December 21, 2015 at 12:19 am

    Economy dey crash Una still dey fight over fake BN identity.
    I pity Una hungry belle for 2016.
    Maybe by then one or two of you may starting bearing fufu+
    Nonsense! (in Dr. Damages Voice)

    • nene+

      December 21, 2015 at 12:42 pm

      Lol @ fufu+
      Change is here

  30. Ak

    December 21, 2015 at 12:28 am

    Went through the comments and I just had to add my own 2 cents. Agreed that the Jonathan administration ruined the country and left it in a worse state than they met it, but that administration had an economic direction. However, this new administration is looking lost. There is no economic policy or even direction. They seem cluless. It is either they are blaming Jonathan or arresting corrupt people. The solution to all these problems is simple, diversify and put infrastructure in place to stimulate the economy. They are not doing any of this. Waiting for 2016 and the budget to see where Nigeria is going. God sees it all.

  31. annoyed

    December 21, 2015 at 12:52 am

    so tired of this country lawwwwwd.

  32. letty

    December 21, 2015 at 3:32 am

    Mugu Nigerians. Illicit drinks selling companies the hennessys the cointreaus the moets and all kinds of fly by night ogogoro foreign companies that didnt give two licks about nigeria. Have landed and we feel privileged that they acknowledged us. I see them hosting one party or another in Nija. The day of reckoning has come big boys and girls depending on their oil wealth will soon come down to earth the lavish weddings and garrish gawdy display of money will soon cone to a screeching halt. I shudder at where we are headed the desperately poor living in grinding poverty will start laughing at the former olowos in Swahili

  33. akin

    December 21, 2015 at 3:48 am

    Only God will move this country forward. Nigerians has enter one chance by voted for backward change PMB

  34. TofuNation

    December 21, 2015 at 7:54 am

    What’s wrong with being a PhD holder though ??.
    Language please

  35. Emasoga Priscilla

    December 21, 2015 at 7:57 am

    I work up this morning, hit my Facebook timeline only to see a post about this. This is really bad news. How are we gonna pay for our domains and hosts. This thing won’t work.

  36. Ibinabo

    December 21, 2015 at 9:00 am

    BN, please does this affect everyone or just the Standard Chartered Customers? I’m confused about this…

  37. kate

    December 21, 2015 at 9:17 am

    first of all this is what happens when you depend on dollars and secondly this is what happens when you depend on oil. when would it occur to our government that we need to invest in ICT. we need to establish our own media. a standard media that would sell our out to the rest of the world. a media that would help correct the wrong perception of nigeria. now when that is done we need to invest in agriculture and e-commerce. the only way things would work out well is when we have made a solid name for our country. i mean look at China, yes take away the pollution and all but those people would do anything to take over the world and how did they do it….? THROUGH ICT…. now they have a stable media CCTV that is competing globally with CNN, BBC and co.

  38. Iyaloja central

    December 21, 2015 at 2:15 pm

    Chineke meeeeee!!!!!!
    This is not good
    This is not good ooooooooo!
    You people don’t even understand! Please how do we buy goods? 2016! And one mumu was saying manufacture instead of import! Please tell me, which bank would give you loan to manufacture anything!

  39. Ahmad moh'd

    December 21, 2015 at 3:22 pm

    Pls which kind of administration is that? Their is some students who are studying outside Nigeria and then now their is no foreign transaction.do u want them to withdraw Naira? Pls we beg u to change this foreign transaction so that students will be able to continue their normal transaction.
    We leave our country because of some problems and we are still facing problems because of Nigerian administrations
    I beg help us to change it if u really care about us.

  40. Mr Streetz

    December 21, 2015 at 4:00 pm

    I recommend you all visit this site to properly understand what is going on in the global economy and why Nigeria and its currency is in such a fix, and what you MAY consider doing:
    economicsforthestreetz.wordpress.com/
    economicsforthestreetz.wordpress.com/2015/09/22/how-to-invest-in-nigeria-if-you-assume-everything-keeps-getting-worse/

  41. nameless

    December 21, 2015 at 4:26 pm

    Oh my God! This news is not enencouraging ??

  42. Lu

    December 22, 2015 at 7:02 am

    I think I have competently lost faith in the mentally of an average Nigerian. What does this have to do with the president?
    Was it PMB who made the price of oil fall or was he the one who told our #1 customer, USA to start producing their own oil or was he the one behind the fact that our economy has not been diversified since the 50s? I’m not trying to defend the president. This is just common sense. I have been concerned about this issue since the time of GEJ but nobody was talking about it then.
    What we should be doing is pressuring the government to act fast on diversifying the economy and investing in capital projects, despite the financial urgency to fight terrorism. This is the time to give no room for corruption and recover every possible kobo.
    Nigerians, the fact that you can read and write doesn’t mean you are educated. Education comes by information. Please get informed before you start disgracing yourself by typing nonsense. I don’t think you know the implication of the fall of the crude yet for a country that consumes way more than produce.
    And if the CBN doesn’t start making moves to follow after Ghana in rebasing the Naira, the continuous fall of the Naira will be the only hope of the government to increase their own Naira volume to avoid the Osun state situation in 2016 (if you don’t understand this last paragraph, please go and get a little informed before you continue any banter).

  43. Travis

    December 22, 2015 at 11:41 am

    All of una no just get sense. that atm card feeds alot of people how do you expect people abroad who cannot go home because of one reason or the other to survive are you guys okay ?

  44. tunde samson

    December 22, 2015 at 4:05 pm

    Buhari or CBN what do u call itself!We will sack with protest.

  45. Prechi

    December 24, 2015 at 7:50 am

    For a country that imports over 80% of its goods… inflation will be too high.. and jobs will be lost… I said it… but they kept shouting change…this is just the beginning grown men playing blame game… they will not get to work.. they are busy blaming pdp for everything…. mcheeew… God please help me leave this country…

  46. maiduguri man

    December 24, 2015 at 8:03 pm

    if there is one thing i hav come to know about buhari’s government it is discretion. there are certain things this government is aware of that many citizen don’t know, i want all of you to understand that buhari and his cabinet are working out a sound strategy that is hidden from many of us, know for sure that as this cbn policy is biting hard the government is about to recover about $150 Billion in embezled corrupt money stashed away in the US, this money when they get it will make this pain we are crying of vanish like a dream! its all covert operation whose results ar better seen than ranted about hence the dicretion. bold on Nigeria, a serious jolt to economic glory is coming! Bold on!!!

  47. maiduguri man

    December 24, 2015 at 8:05 pm

    if there is one thing i hav come to know about buhari’s government it is discretion. there are certain things this government is aware of that many citizens don’t know, i want all of you to understand that buhari and his cabinet are working out a sound strategy that is hidden from many of us, know for sure that as this cbn policy is biting hard the government is about to recover about $150 Billion in embezled corrupt money stashed away in the US, this money when they get it will make this pain we are crying of vanish like a dream! its all covert operation whose results ar better seen than ranted about hence the dicretion. bold on Nigeria, a serious jolt to economic glory is coming! Bold on!!!

  48. Taijieh Moses

    December 25, 2015 at 3:43 am

    How many years will it take this govt to work out its sound strategy?? They have been in the saddle for 7 months already! Now, you cannot deposit dollars into your domiciliary account; you cannot use your ATM cards abroad; you cannot do so many things that an average entrepreneur needs to do to keep body & soul together. Why?

    A few years back, I was in a foreign airport and needed to pay additional funds to change the date of travel on my airline ticket. Luckily, I had my ATM card with me, and was able to make that payment in Asia. If it happened today, I would just be stranded in that airport millions of miles from home!

    Which kain thing dey happen for dis country??!

  49. Gabriella

    December 25, 2015 at 11:15 pm

    “So people shouldn’t travel because Nigeria is our country? Well I wouldn’t blame you for talking like that. I’m sure if you are given a visa to go to Kenya you will gladly jump at it, think before you talk”.

    • Yori

      December 28, 2015 at 11:22 am

      Kenyan happens to be one of the most beautiful countries on earth..with a thriving economy may I add!

  50. Paul

    December 26, 2015 at 2:03 pm

    Can you imagine????????? See make una nor use me play….i need pay my fees and na only Naija mastercard dey my hand like this…………Which kind matter be this??????????? Revolution na wetin that country need….Tufiakwa!!!!!!!!!!!!!!!!!!!!!!!

  51. BuKenze

    December 26, 2015 at 6:02 pm

    There is no need to fight or throw stones on this issue. It is simple arithmetic. Now imagine mrs Hastrrup (Nigeria) has lots of crayfish (oil) that she can sell to make money (dollars). She sells the crayfish to buy shoes, handbags, aso ebi, assorted biscuits with expensive wine to go with it and she saves (reserves) some of it. When the number of people selling crayfish increases, the association of crayfish sellers decided to reduce the price of crayfish per basket. Now because mrs Hastrrup can only sell 15 baskets per day, the amount of money she makes reduces but she still wants to attend that big party and she cannot do without that expensive wine she goes to the bank to withdraw from her savings to pay. Now her bank account is entering red because the amount she makes is far less than she spends, what does she do? She tells her children that no more assorted biscuits and no more Gucci. That is exactly what is happening now. We can no longer pay for the designer clothes and the foreign fruits and the off shore weddings and holidays. Our problem did not start today or this year , it did not start with the government. It is our desire and tastes for imported stuff that has brought us to where we are as a country and unless we change our taste buds, we shall be in bigger trouble very soon.

  52. dhami

    December 27, 2015 at 9:55 pm

    sons are suffering from the sins of their fathers

  53. loowis

    December 28, 2015 at 1:42 pm

    This economy strategy has to be put in place to save the downward trend of the nigerian economy. During the GEJ era, we thought we were enjoying but not knowing that the evil day is around the corner. We were busy enjoying stolen funds from all sector of the economy and some people called it economy boom. Now the reality is here and some will go to babalawo for remedy. Spoilt kids of corrupt parents are crying like babies whose mothers went to the market. Learn to tighten your belt because reality is here. That imported biscuit can be substituted for tanfirin, zobo can be taken in place of that blackberry drink.
    Change has come and its a painful one. But it is for good. Enjoy it while it last. Ka chineke me eziokwu.

  54. mercy

    December 29, 2015 at 9:23 pm

    please how can we get money in ghana then if our atm cant work .nigeria students will die some will go into crimes if we can spend our own money how we want why then do we walk so hard i wish i am not a nigerian now. keep using our money to support crime and violence , make us slaves and begger after working some hard even when u created no jobs for us am talking to u and u know urself bravo but we will survive but wait and see us because more richer than u

  55. dav

    December 30, 2015 at 2:12 am

    So it’s true.. OMG! thank God i heard it on time, i have started withdrawing all my money with ma master card.. at least before on the 1st i must have withdrawn some value to survive.. I SWEAR PERSON FOR DIE HERE, WERE PAPA MAMA NOR DEY.. Only God will save naija from the problem.. Really bad

  56. joke

    December 30, 2015 at 4:53 pm

    i used my visa card on monday to buy groceries and today its saying transaction failed, how do i survive in austria without my card paying out??? Nigeria i swear u be FK

  57. Stanley

    December 31, 2015 at 4:23 am

    I am an ICT personnel, most of my transactions are online through ATM debit cards. And I’m sure there are thousands of Nigeria in the same shoe. Buhari and his crew should tell us how we are to cope with this mess?

  58. Ibrodedon

    January 1, 2016 at 12:11 pm

    It is a serious situation, however it calls for individual plan B, We are always carried away by recent happening without a reclause to the past and projection to the future, in such situation i think it is expedient to realise that international transactions have been taking place before the introduction of ATM cards as such there will always be an alternative means of carrying out suct transactions..

  59. Morgan

    January 1, 2016 at 4:42 pm

    Let me educate you cos obviously you are the confused person here. The dumb CBN governor has also indirectly blocked the use of domiciliary accounts which you are referring to as foreign currency account. In their earlier policy CBN stop the deposit and withdrawal of foreign currencies to these accounts which is another “roadside mechanic” type of policy! for a presumed economist. so if you can not put dollar into the account how do you use the account for foreign transactions? except someone wire my account with dollar, so if I do not have anyone to wire dollar to me how do I use the now useless dorm accounts???. Please if you have less knowledge about a subject don’t comment on it again okay. I am sure you do not run any foreign transactions if you do then you won’t say such clueless policies from the CBN is worth it

  60. Felix

    January 1, 2016 at 6:17 pm

    Unfortunately, so many things are wrong in nigerian context. All of us may not agree with me that towards the end of the last administration (like 6 months to 1 yr),they were not doing anything than to patch up the whole situation in the country in order to win people’s votes. They would make a decision 2day and reverse it 2moro.. In a nutshell, if d administration had be re-elected,we wouldn’t have had it better at all. They raked a lot of money freely from the treachery. I’m also affected by the present situation because I’m supposed to make a lot of foreign payments as a new foreign PhD student which seem impossible now. Honestly one thing that Nigerians are not concerned about is the largesse attached to political office holders. These people (Senators, Rep’s, Governors etc) accrue a lot for themselves from our and not give a dime back. Masses are the ones paying taxes, increased electricity bills, fuel hike, water bill etc, with a very small salary. I push it to all of you-what does an average politician contribute to the economy? This is what we should be fighting for while all other things are likely to fall in place. Thank you

  61. Josephine

    January 8, 2016 at 1:41 am

    True talk Felix. We are not suppose to attach ourselves anyways. Whatever the situation may be, it is wrong to ban the USE of ATM totally. I am not an economist but some people are trapped in foreign countries because there is no cash with them. What is the way out? That is what we need to provide answer for.
    I see no change in economy in view (man’s opinion). I believe there is nothing God can not do sha, He made a donkey speaks, ………………. may be just may be this administration will speaks

  62. abhishek ghavri

    February 11, 2016 at 1:05 pm

    you said it right, many students trapped in foreign countries, they don’t have cash to buy food, to pay their fee,. I am from India, 2 Nigerian are my tenants these guys are in real pain. they have no money to survive. Someone please help them.

  63. Jeff

    February 14, 2016 at 10:25 pm

    Has any one shopped online recently? I want to know if there are actually allowing items into the country presently.

  64. Busayo

    March 17, 2016 at 4:06 pm

    I’m so surprised at the level of ignorance of we Nigerian. I feel the pain of students stranded in foreign countries but let me assure you that the ban on foreign ATM transactions was because the dollar isn’t enough; just as ATM complains temporarily unable to dispense cash at time.
    When will nigerians stop being fools with their insatiable appetite for foreign things?
    Maybe if dollar is banned we’ll be forced to appreciate and develop the intellect, products and natural resources we have.
    Have a chat with the Chinese and see the benefits of a closed economy

  65. Something Gottagive

    March 17, 2016 at 6:36 pm

    All these foreign trained economist in this country and government and this is the best they can do, constructively shut down the country. They should give back the money they received for scholarships.

  66. Ayshat

    April 3, 2016 at 12:24 am

    plzz does GT bank functioning for Nigerians @ china now??

  67. Jubreal

    October 4, 2016 at 8:24 am

    The only solution discussed here was form A .

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