Monday, December 28

 12/28/2015         No comments
Nigerians abroad, mostly students, yesterday took to the streets to protest CBN's proposed ban on naira-denominated debit/credit cards for dollar-denominated transactions.

The ban is to take effect from January 1, 2016. Nigerian banks will not allow their customers use naira-denominated debit/credit cards for transactions denominated in forex.

This means also that bank customers will not be able to use their cards to buy products from foreign e-commerce sites like e-bay and amazon.com in which payments are made in forex.

Different photographs of placard-carrying protesters had gone viral on the Internet on Saturday, in which the youths stated that they needed the payment cards to survive.



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