Too Bad – Nigerian Banks Stop The Use of Atm Card Abroad & To Shop on Foreign Site

Some of you might have seen this on press but its still
necessary we dialogue about it. This is too bad to be starting the year 2016
with. I’m pretty sure a lot of you buy on foreign sites like Ebay, Amazon,
gearbest or best buy  and the likes… 

A lots
of you even host your domain with foreign hosting company like Namecheap,
Godaddy, bluehost etc. How will you feel when you want to pay for goods on
AliExpress and you are told that your card is decline? Or you want to renew
your domain with Godaddy and you are told that your card is invalid?
Let me explain this in layman’s language. . . A new Policy
has been pass by Deposit Money bank to stop all customers from using their
payment cards, popularly known as Automated Teller Machine cards, for
dollar-denominated transactions when they travel abroad with effect from
January 1, 2016. This means bank customers will not be able to use their cards
to buy products from foreign e-commerce sites like e-bay, AliExpress and in which payments are made in forex.
To tell you how serious this is, Standard Chartered Bank has
notified its customers that from January 1, 2016, they will not be able to use
their naira-denominated ATM cards for transactions that are denominated in
foreign currencies, either locally or when they travel abroad.
Let me cut the story short, From January 1st,
your local Master naira card becomes useless on AliExpress, Gearbest, best buy
or any foreign site.
What of PayPal?
I don’t know about PayPal, but since its linked to your
Master Card, I guess it will be useless to but I’m not too sure about it.
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25 thoughts on “Too Bad – Nigerian Banks Stop The Use of Atm Card Abroad & To Shop on Foreign Site”

  1. What is the way out prof, my domain will expire sometime around June next year, can I buy a other one year naw. I am using namecheap.

  2. Hey prof, sorry but I've ordered more than 4 SDcards from Jumia especially 32G SDcard and a HP 32G memory card, prof all this card has refuse to work or corrupt almost instantly, at first I tot it was my phone but I realise it something happens on my tab as well as my phone including the memory card.. what do u think is wrong with these cards

    • When it comes to things like SD card, I won't advice you order them online. I guess all what Jumia gave is not d real SD card. Walk up to a computer store and get a 1gb SD card to check if it's d SD card or ur device.

  3. this isshh is getting serious, the rate at which the naira is falling is alarming to talk of them banning the use of naira mastercard n any forign sites. is this the change Mr president promised us???

  4. am studying economics, placing a ban on atms is nt an advisable way to increase the value of a currency. instead make them look for a way to increase per capita income, they are doing wetin no concern them. Change my foot

    • U think u knw economics bt trust me u dnt. U dnt knw d effect of Forex on an economy. Plus, hw do u increase Per Capita income without increase in GDP?


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