Wednesday, December 30, 2015

Nigerians Students Abroad Pleads With FG To Discontinue The Law Of Banning The Naira Debit & Credit Card Abroad

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Nigerians living in Malaysia, especially students have pleaded with Nigeria’s president, Muhammadu Buhari and the Central Bank of Nigeria (CBN) not to ban customers abroad from using their Naira debit and credit card.
CBN in a bid to slow the flow of foreign exchange out of the country ordered commercial banks to stop customers from using their debit and credit cards abroad. The ban on usage of ATM card abroad is proposed to take effect from for January 1, 2016.
Students who spoke with Daily Trust complained that many are already finding it difficult to withdraw money for their school fees and other expenses due to the recently introduced cash withdrawal limit imposed on customers abroad.
The students pleaded that usage of ATM card should not be banned. One said: “There are over 5,000 Nigerians schooling in Malaysia. Most of us rely on money being sent from Nigeria. There is no job here. We use our ATM card to pay for our expenses. Banning it usage will cause a lot of hardship for us and may lead to the termination of some students education. Government should help us.”

Other students suggested that the government should devise another means of controlling capital flight and strengthen naira without making the innocent suffer unnecessarily from the sins of the few corrupt Nigerians.
Just recently, CBN said that the recent restriction will remain until the country’s foreign reserves grow to significant levels.
Moses Tule, CBN’s director, monetary policy, said restrictions were likely to be lifted when reserves increase to between $50 billion and $200 billion, adding that all hands must be on deck to achieve the target,

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