Initially you need to visit one of your banks to register and get your BVN number and then visit your other banks to submit your BVN details.

Now, you can get your BVN by dialling this short code *565*0# from your phone number that is register with your bank account. If you don’t have a BVN, dial this short code *565*0# now. Dial it from the phone number you receive bank alert on. Once you have your BVN (11-Digit number), you can link the BVN to your other Banks account without going to your bank to do so. Here are the five ways to link your BVN to your other bank account.

5 Ways to Link your BVN to your other bank accounts

Use any of these method below to link your BVN to your other bank account;

1. Link Your BVN to your other account using ATM machine

To link your BVN Link via ATMs;
• visit any ATM machine close to you
• Insert bank ATM Card
• Select BVN Link on the transaction menu screen
• Enter your 11-Digit BVN (gotten by dialling *565*0#)
• Confirm your BVN details
• Submit your BVN

2. BVN linking online

For  GTBank customers

• Log on to GTBank Internet Banking
• Select BVN Linker from the left-hand panel
• Click on New Request
• From the drop down menu, insert your Bank Verification Number
• Select the Nigerian Bank where your BVN was Issued
• Answer your Secret Question and continue

For FCMB customer

BVN Linking online
if you are registered for e-banking, go to your profile under ‘NO BVN LINK HERE’ and link

BVN Linking by email
send an email to customerservice@fcmb.com
containing
1. Account name
2. Account number
3. BVN number
4. bank you initially registered and got your BVN number from

For SKYEBANK Customers

BVN Linking online
if you are registered for e-banking, go to your profile and link it from there,

or

BVN Linking by email

Send an email to.  yescenter@skyebankng.com
containing
1. Account name
2. Account number
3. BVN number
4. bank you initially registered and got your BVN number from

For Zenith bank customers

BVN Linking online
if you are registered for e-banking, go to your profile and link it from there,

or

BVN Linking by email

request for bvn update form from their twitter team @ZenithBank , fill and email to  zenithdirect@zenithbank.com.

3. Link your BVN via Gtbank Verification Number Portal For Gtbank Customers

• Visit; GTBANK VERIFICATION NUMBER PORTAL
• Enter Nuban (GTBank account number)
• Select bank account you wish to link to.
• Enter your BVN
• Type the text for Captcha
• Hit submit

4. Link your BVN via text code

For Fidelity Bank customers
• Send your BVN to 09035090000 to link to your other bank accounts

For ACCESS BANK customers
BVN Linking by Text Message
With the Access BVN short code, you can link your BVN to your Access Bank Account. To do this, simply text BVN, your account number and BVN number to 20121. E.g: BVN 0123456189 78956834758 to 2021

For UBA  customers

BVN Linking by Text Message
All a customer has to do is to send his or her valid BVN from the telephone number that was used to open their account to the short code number and it will become automatically linked,
*919*6#

5. Submit your BVN to your bank to link for you
Oop! Sorry. It is too late to use this option now.

I forgot to add First bank BVN linking to the initial banks BVN linkers I have shared here. 24hours to go for BVN registration! If you are a First bank Customers, you don’t need to stress yourself going to bank to link your BANK VERIFICATION CODE (BVN). You can do this at comfort of your home or office using your phone. Just with First bank BVN text code, you can do this.

Here below is a simple step to check your BVN and link it to your first Bank account;

• To check your BVN, dial *565*0#

• Once you have your BVN, Send an SMS to 08076664444, using BVN#youraccountnumber#BVN code. This will  link your BVN to your account.

That’s all! Expect your BVN to be link to your account immediately after sending it.

NB: Use the line you use in receiving bank alert for this.
24hours to go for BVN registration!! However, with this code; you can still link your BVN to your account after 31st October; if you have register for BVN before.

To buy airtime from your Firstbank bank account using code through phone; read this, how to buy airtime from my first bank account.

Updated! you can visit ;  http://bvn.firstbanknigeria.com to fill in form for linking or use the code above.

I hope this helps!

………………….Please remember to share this.

When it comes to innovation, Firstbank of Nigeria Plc should be count among the top five. First bank has added this new feature of checking account balance with text code using mobile phone. For all First bank Customers, no need going to first bank office or looking nearest ATM post terminal because you want to check your account balance.

So if you run an account with First Bank of Nigeria, here are ways you can access your account balance without going to the bank. Simply use the below steps to check your account balance on your Phone;

• Go to Compose New Text Message on your phone,
• Type your request as shown below and send to 08076664444

1. Balance enquiry: BAL#ACCOUNT NUMBER e.g. BAL#3010600000

2. Last 5 transactions: LAST5#ACCOUNT NUMBER e.g. LAST5#3010600000

3. Account Statement (last 6 months): STMT#ACCOUNT NUMBER e.g. STMT#3010600000

4. Account Statement (Specific number of months): STMT#ACCOUNT NUMBER#NUMBER OF MONTHS

That’s all! Expect your Account Balance immediately after Sending it.

Remember: You can only check your Firstbank account Balance on your phone with the new NUBAN Account Number; your Old Account Number won’t work.

I hope this helps!

Buy airtime from firstbank account with phone using text code

Check your gtbank account number and balance using your phone now!
Remember to click on the share button above.

For your questions and comments, you can use the comment box below or visit Firstbank of Nigeria plc official website; www.firstbanknigeria.com

CBN bans use of Naira ATM debt and credit card abroad. Some term it, ‘restriction of use of Naira debt and credit card overseas’.

THE Central Bank of Nigeria (CBN) on Monday gave an ultimatum to commercial banks to stop their customers from using their debit and credit cards outside the country.

Following this current development, banks have started to communicate to customers through emails, assuring them that it is just a “temporary measure”.

Irene, one of our readers after reading the mail sent to him commented here on our site, “today i received an mail saying from first of January there will be no use of ATM cards outside of Nigeria”

Some few months, CBN ban deposit of foreign currency into domiciliary account; the latest now is NO use of Naira ATM debt or credit card outside Nigeria.

According to sunnewsonline, ‘The directive, which takes effect from January 1, 2016, will no doubt affect access to foreign online retailers. The measure is seen as part of Federal Government’s efforts to obstruct the flow of foreign exchange out of the country following the intense pressure on the naira in the past week, crossing an all time high of over N280 to the dollar.

Already, the naira on Friday strengthened against the dollar after weeks of free fall at the parallel market, gaining N10 to exchange at N270 to a dollar.

The development, which has created huge forex debts with banks’ international financial partners, has forced many DMBs to stop their customers from using their Automatic Teller Machine cards abroad.
The apex bank spent billions of dollars propping up the currency since it fixed the exchange rate in February and tightened trading rules to curb speculation.

It is not clear how many people that will be affected by the latest measure but sources confirmed that Nigerians who travel abroad regularly and use their local cards for shopping and other transactions may be affected.

Some top-end shops in London have signs in Hausa to cater for the large number of Nigerian customers. Already, Diamond Bank and Standard Chartered have emailed their customers notifying them of the ban.

Accordingly, those customers can no longer use the cards in the United Arab Emirates, China and other African countries apart from Nigeria.

Diamond Bank message reads: “Due to the current FX market realities, please be informed that your naira debit card has been restricted for usage in UAE, China and African countries’.
Personally, I know this will happen. What do you expect when there is a forceful fix in currency exchange rate in already inflated economy ?

Some few months ago, the Central bank of Nigeria, CBN ban deposit of foreign currencies into domiciliary account. However, after pressures was mounted by some economic analysts, small businesses, manufacturing concerns, the International Monetary Fund (IMF), and politicians such as Senate President Bukola Saraki, the Central Bank of Nigeria (CBN) monday relaxed some of its foreign currency controls by lifting its ban on foreign currency cash deposits in commercial banks.

Central bank of Nigeria governor; Mr Godwin Emefiele yesterday says, “The bank would now permit commercial banks in the country to begin accepting cash deposits of foreign exchange from their customers.”

According to the governor, the policy objectives for banning the foreign currency deposits have been achieved.

Why CBN Initial Ban Foreign currency Deposit

The CBN governor, Mr Godwin Emefiele explained that the policy was put in place because it discovered that speculators were withdrawing their Naira deposits and using same to buy up foreign currencies and then depositing same in banks and waiting to change the same at higher rates.

In his words: “We discovered that Nigeria was fast approaching the dollarization of the economy. At that time we saw that a lot of people were speculating and there were a lot of speculative attacks on the currency (Naira).

“We saw situations where people were going into their accounts, took the Naira out of their accounts to buy dollars. Some were going to their banks to borrow money to buy dollars and then pass those dollars to their accounts and it got to a point that the banks vaults were full and the banks wanted us to collect the cash and to give them electronic dollars which we said we could not do.

“What we had to do at that time, it was like a flood, a torrent that we had to put break to that flood. At this point, we think, let’s open the tap a little and let’s see whether there will be proper behavior by the operators and the people in the market.”

Following the lifting of the ban placed on foreign currency deposit into domiciliary account. Commercial banks in Nigeria have immediately started accepting foreign currency deposit into domiciliary account. Such banks like the GTBANK, DIAMOND BANK etc. have started accepting dollar deposit.

Well, I hope this kind of thing never happen again because a lot of businesses have been jeopardized.

Central bank of Nigeria, CBN yesterday announced that it would discontinue its sale of foreign exchange to Bureau de Change (BDC) operators, as part of measures to reduce the pressure on the nation’s foreign reserves.

The Foreign reserves, which closed last year at $28.364 billion, dropped last weekend to $28.193 billion, indicating depletion by $170 million in the first trading week of this year. To date, it had reduced by about $3.8 billion since mid last year when CBN announced a recovery to $31.8 billion.

In the main time, CBN has lifted the ban placed on Foreign currency deposit in commercial banks.

What lead to CBN’s ban of foreign currency sale to BDC?

– Depletion of country foreign exchange reserves

– BDC Abandonment of original objective of establishment, which was to serve retail end users whose need are $5,000 or less.

– CBN bank has continued to sell Dollars at about N197 per dollar BDC operators while they sales to ordinary Nigerians, with selling rates as high as N250 per dollar.

– BDCs currency dealers have turn themselves into wholesale dealers in foreign exchange to the tune of millions of dollars per transaction.

According to Emefiele’s words: “The bank (CBN) would henceforth discontinue its sales of foreign exchange to BDCs. Operators in this segment of the market would now need to source their foreign exchange from autonomous source. They must, however, note that the CBN would deploy more resources to monitoring these sources to ensure that no operator is in violation of our anti-money laundering laws.

“Despite the fact that Nigeria is the only country in the world where the central bank sells dollars directly to BDCs, operators in this segment have not reciprocated the bank’s gesture to help maintain stability in the market. Whereas the bank has continued to sell Dollars at about N197 per dollar to these operators, they have in turned become greedy in their sales to ordinary Nigerians, with selling rates as high as N250 per dollar.

“Given this rent-seeking behaviour, it is not surprising that since the CBN began to sell foreign exchange to BDCs, the number of operators have risen from a mere 74 in 2005 to 2,786 today. In addition, the CBN receives close to 150 new applications for BDC licences every month.

“Rather than help to achieve the laudable objectives for which they were licensed, the bank has noted the following unintended outcomes:

“Avalanche of rent-seeking operators only interested in widening margins and profits from the foreign exchange market, regardless of prevailing official and inter-bank rates;

“Potential financing of unauthorized transactions with foreign exchange procured from the CBN;

“Gradual dollarization of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subtle subversion of cashless policy initiative; and prevailing ownership of several BDCs by the same promoters in order to illegally buy foreign currencies multiple times from the CBN.”

IMPLICATIONS OF THE NEW POLICY SHIFT

What are the implications of CBN’s Ban of foreign exchange Sale to BDCs? As the new policy shift was being announced, yesterday;

• The national currency, Naira, depreciate to a low value of N283/USD1 in BDCs and the parallel markets as against N277/USD1 of the weakened.

• The currency had gained from low business cycle of Yuletide and informal supplies from returning Nigerians, appreciating to N265/$1.0 against N281/$1.0 it recorded in the middle of last month.

• This policy would lead to a further depreciation of the naira.

• There would be cost-push inflation

• It would create job losses

• On the long-run, Foreign exchange reserves would be strengthened (good side)

How to check Fidelity bank account balance using SMS code

Fidelity bank among other few Nigerian banks has joined Nigerian innovative banks. Fidelity bank has added this new feature of checking account balance with text code using mobile phone.

For all Fidelity bank Customers, no need looking for nearest ATM post terminal or Fidelity bank branch because you can check your account balance with just SMS text code.

So if you operate an account with Fidelity bank, here are ways you can access your account balance without going to the bank.

To check your account balance or enquiry on your Phone by SMS text code.
Simply, dial *770*0#
ENTER your ATM card PIN if requested

That’s all! Expect your Account Balance immediately after Sending it.

Remember: You can only check your GTbank Balance on your phone with the new NUBAN Account Number; your Old Account Number won’t work.
I hope this helps!
Check your First bank account balance using your phone now!
Please remember to click on the share button.

For your questions and comments, you can use the comment box below

Are you Fidelity bank account holder? Do you want to top-up or recharge your friends and family phone; you can do that with Fidelity bank Airtime recharge as a Fidelity bank account holder. No need looking for somewhere to buy physical recharge card to send to your friend or family member?

So below is fidelity bank mobile recharge code for buying airtime directly from your account for your friends and family. One good thing about this is that you can do this at the comfort of your home, office or anywhere.

• To recharge your friends and family phone through your fidelity bank account;
Dial *770*Phone Number*Amount#.
This is the friends and family recharge code through Fidelity bank account.
Example; if you want to top-up your Friend phone with N500 using fidelity bank recharge code, dial *770*080301…..*500#

• To recharge your own phone number from your fidelity bank account , Dial *770*Amount#
Example; if you want to top-up your phone with N200 using fidelity bank recharge code, dial *770*200#.
For questions and comments, you can use the comment box below or you can visit Fidelity bank instant services site for further information.

For those of us who might be interested in knowing daily currency exchange rate of the Naira to Dollar, Naira to Euro, Naira to pounds on both official bank rates and the black market  , can get it here.

Subsequent update of this post will come via the comments.

Naira experiences its biggest daily depreciation against the dollar as it exchanged for N345 to a dollar in the black market today. This is N20 depreciation when compared with the closing exchange rate of N325 per dollar in the parallel market on Friday, 12th February.
Naira also depreciated by N45 against the British pound as the black market exchange rate rose to N485 per pound, N340 as on Friday.

However, naira remains relatively same at the official interbank foreign exchange market as the interbank rate (official exchange rate of naira to dollar) stood at N197.47 per dollar at the close of business yesterday, 15th February.

The gap between the interbank rate and the black market rate deepens to N147.53 per dollar from N127.53 per dollar last week.
It has been noted that the naira has been on a steady decline since January 12, 2016, when the Central Bank of Nigeria, CBN, stopped weekly dollar sale to BDCs. Consequent to this action, the naira traded at N265 per dollar in the black market. The steady depreciation was also compounded by inability of the CBN to meet foreign exchange demand.

Here is the dollar to naira exchange rate – black market today and official exchange rate (interbank rate).

            DOLLAR TO NAIRA EXCHANGE RATE-BLACK MARKET

NAIRA              DOLLAR    POUND    EURO
(NGN)                      (USD)    (GBP)           (EUR)
Buy / Sell   Buy / Sell    Buy / Sell

12/02/2016    330 / 335  446 / 452  350 / 360
15/02/2016     337 / 340  450 / 455  365 / 370
16/02/2016    345 / 350  465 / 470  367 / 375

UPDATED: For the latest and every other day naira to dollar exchange rate  changes for black  or parallel market , check the comment box below.

SEND THROUGH: WESTERN UNION TRANSFER

NAIRA        DOLLAR     POUND     EURO
(NGN)              (USD)        (GBP)             (EUR)

12/02/2016   193.83     286.71           217.97
15/02/2016  193.83    285.57          216.19
16/02/2016   193.83     284.90          215.69

UPDATED: For every other day naira to dollar exchange rate  changes – sending money via western union, check comment box below.

CBN EXCHANGE RATES (INTERBANK RATE )

NAIRA           DOLLAR   POUND     EURO
(NGN)               (USD)      (GBP)            (EUR)

12/02/2016  197.00    286.46       222.26
15/02/2016  197.00    285.00        220.56

For questions and comments on black market naira to dollar exchange rate today, you can use the comment box below.

The recent free fall of Nigerian currency, naira has put many businesses in Nigerians into a halt while the prices of many commodities have skyrocketed. However, while many Nigerians are crying because of this others who are ‘opportune’ see this period as time to get rich. Seven (7) groups of people have been identified to be gaining from the recent Naira depreciation and would rather want naira to keep depreciating than appreciate. These top seven people benefiting from naira crash are;

1. Speculators
The premium gap between the parallel market exchange rates and the official/interbank rates has increased the activities of traders who do not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements and this further worsening the currency situation. These market participants analyze and forecast future naira-dollar exchange rate movement; buy the hard currency in the hope of selling them at a profit. It’s not just speculators who have been benefiting the most from the misfortunes of the Naira. Several other market participants are also benefiting every single day the Naira plummets against the dollar at the parallel market.

2. Nigerians in Diaspora
Nigerians who lives, work and earn their income in dollar outside the country are finding this time as the best time. Nigerians living abroad reveal that they began started part-time currency business which involves trading their dollar or Pounds Sterling income for Naira at black market rate with which they invest in Nigeria. Some of them even have to go into borrowing cheap funds in hard currency for the purpose of this business transaction.

Nairametrics reveals that, “some believe this is the best opportunity to buy land and houses as the value of the dollar has now risen by about 70% against the Naira while property prices have been somewhat depressed”.

Again, following the restrictions imposed on money transfer outside Nigeria by CBN last year; the Nigerians in diaspora have been engaging in a quasi-money transfer services to other Nigerians whose children are abroad at transfer charge rate close to parallel market rates.

3. Commercial banks
Commercial banks are in this list of benefactors of Naira downfall. Since the downturn of oil sector in Nigeria, commercial banks have been in under pressure with many oil companies’ loans not being repay. However, they have posted massive gains from foreign exchange sector of their businesses as it can be seen in their income statements at the end of financial year 2014 and the first 9 months of 2015. Most people who purchase items online have attested that banks charge them as much as N290 to the dollar even though the CBN pegs the rate at around N199.05.

Banks’ staffs are also part of this list. They have taken the advantage of the scarcity of the hard currency to force foreign exchange users especially importers to pay close to parallel market rate for foreign currencies obtained from CBN. They oblige the customers to pay two cheques, one to the bank covering the official rate and the other to designated bank account covering the difference in the parallel market rate.

4. BDC operators and the Likes
In spite of ban imposed by CBN on BDC on sale of foreign exchange, BDCs are still thriving in many commercial cities in Nigeria as they have a way of sourcing the currencies from CBN official leakage window and diverting same to black market for over 70% profit margin. They are one of big benefactors of Nigeria’s foreign exchange woes.

5. Exporters
Businesses exporters are smiling now. Officially, revenues from their exports proceeds should naturally; be routed through the CBN as export proceeds. It is however clear that some of them move a chunk of that to the black market. Even though they knew they violates the exchange law; with gains as high as 80%, most of them find it difficult to resist the lure of selling their hoard at the black markets rather than at the official window.

6. Associates of the CBN and friends
It is also been report that people close to the management of the CBN or particularly the government are also befitting from the collapse of naira. They get preferential treatment from the CBN by buying at official rates rather than at the black market rate where a lot of Nigerians go to. Some of them even have to go back to black market to exchange at profit rate over 200%.

There are no sign of naira strengthening in near future. The condition may continue to deteriorate while these benefactors keep enriching themselves, unless the government acts fast.

For your questions and comments, you can use the comment box below.

PayPal is one of the best global online payment platforms.  Its universality and popularity had given the platform an edge over other global online payment system.

Nigeria is one of the countries that enjoy using this online payment platform. I know you will be happy if you hear that you can now receive money through PayPal account in Nigeria. Yes! I too will be happy.

But as of the time this article is written, you can neither receive nor withdraw money through Nigerian PayPal. There are lot of misleading information online concerning this. Do not be deceived!

WHAT CAN YOU DO WITH PAYPAL IN NIGERIA

With PayPal you can;

• Make payment online
• Send money to relatives, friends and family members
• Shop online with millions of merchants.
• Donate to your favourite international charity organization.
• Use your credit card and earn rewards.

NIGERIANS PLEAD TO RECEIVE MONEY THROUGH PAYPAL

Currently, Nigerians are pleading with PayPal to allow them start receiving and withdrawing money through PayPal in Nigeria.

Here is an excerpt that is source from PayPal community

Re: CAN I RECEIVE MONEY WITH MY PAYPAL ACCOUNT IN NIGERIA.

on ‎01-30-2016 09:29 PM

Helo PayPal. 

Sincerely, I think it is high time the limitation on PayPal usage in Nigeria is lifted. Considering, among other factors, its status as the most populous black country in the world, coupled with the fact that it’s got the highest GDP in Africa, I really feel PayPal would be doing itself a world of good by removing every limitation on its usage here. I do not know what the reasons for the limitations are in the first place. I hear it’s because of online fraud. If, really, this is the case, then may I remind you that online fraud is everywhere and not peculiar to Nigeria? There are lots of genuine businesses people here who are being made to suffer for something they know nothing about. PayPal, please this is a passionate appeal from a legitimate businessman speaking for lots of honest Nigerians. I hope this message strikes the right cord with you. Look forward to that day when the news would break that our plea has been granted.

on ‎01-31-2016 02:53 PM

@Theophilus

Whilst you say that fraud is everywhere and not confined to Nigeria, IF you do a Google search on eBay / PayPal scams they are nearly always requesting items to be sent to “relatives” in Nigeria.

Also nearly every scam on this board involves Nigeria.

on ‎03-09-2016 02:23 PM

I am Nigeria, and have had a refund for a failed serviced played back to me which was just rejected by my bank account reporting that transaction not permitted on my card. I lost some money due to it and I know it is just a curse for being a Nigerian. A lot of us are genuine users that just want to live the way other trusted countries’ citizens do, but the reputation of the country has doomed us.

Even though I should feel insulted by your comment, but they are pure facts. I just hope PayPal can have an even more rigorous mechanism for fighting scammers, or that we may get out of here, but it is definitive that one cannot receive money from PayPal in Nigeria, till Divine Grace intervenes in our favour

on ‎03-19-2016 07:40 AM

I think a lot of positive changes have happened in the Nigerian financial system. Take for example the Bank verification number system; where every Nigerian account is now tied to the account holder’s biometrics. As a banker, I can confirm that this system has drastically reduced financial fraud in Nigeria by 89% over the last 3 months. All PayPal needs to do is to leverage on this system to verify users; No scammer would want his biometrics to be connected to a scam because their true identity would be revealed. Other merchants in Nigeria have adopted this system as a means of user verification. PayPal please consider this as well.

on ‎03-29-2016 11:51 AM

Amazing post bro, even I didn’t think of that, genius. Ok PayPal admin, what more excuse does you guys then have to provide?

You need a PayPal account; check out,

How to open a verified GTBank PayPal in Nigeria for free

I completely believe that PayPal is trying to protect their business. Do you think PayPal is doing well or not, let’s hear your own opinion about this issue? Please, argue constructively and don’t condemn. You can use the comment box below for your comment or questions.

Diamond yello account has been in existence since 2014. I know that one time or the other, you may have received message from MTN if you are an MTN subscriber prompting you to open a diamond yello account (DYA). In almost all these cases; the detail of how to open the account, the account benefits and agents involved are not usually included in this message.

So, if you are interested in knowing how to open a diamond yello account, the benefit of the account and the agents involve; I am here to share that with you.

WHAT IS DIAMOND Y’ELLO ACCOUNT (DYA)

Diamond yello account is a financial service introduced by diamond bank plc in partnership with MTN. It offers customers a safe and convenient means of operating full bank account right from their home, office or anywhere through their MTN mobile phone without the hassles of tedious documentation requirements (all registered MTN customers are automatically eligible) or the difficulty of finding or getting to bank branches, as the product is easily accessible through our network of Agents.

HOW TO OPEN A DIAMOND Y’ELLO ACCOUNT

To open a diamond yellow account which usually takes a few seconds, simply dial *710# and select your PIN.

BENEFITS OF DIAMOND Y’ELLO ACCOUNT

The of benefits of diamond yellow account include;

• It saves you stress of tedious documentations required during the opening of account at bank branch as you can conveniently register right from comfort of your home.
• You can operate full bank account using DYA.
• You can buy airtime, pay for goods and services through Diamond yello account.
• You can send and receive money to and from any bank account in Nigeria and also to non-account holders.
• With you DYA, you can easily have access to bank services through our network of Agents for deposits and withdrawals.

DIAMOND Y’ELLO ACCOUNT AGENTS/ CUSTOMER CARE

The diamond yello account agents include mainly;

All The Mtn Trade Partners  Such As Annalight , Assoteltelecomm.&Electronics Co. , Benjack Transworld Agencies Limited, Glaceo Investment Limited, John Chris Communications Limited, Mobile Phoneshop Limited etc.

Click here too download a complete diamond yello Agent List

HOW TO USE /OPERATE DIAMOND Y’ELLO ACCOUNT

After opening diamond yello account by dialling *710# and selecting your PIN, to deposit money into your account, withdraw, transfer etc;

• All you need to do is locate and visit any diamond yello account agent close to you
• Tell the agent how much you wish to deposit into your Diamond Yello Account,
• Give the cash and your DYA NUBAN account number to the agent.
• The agent will credit your account with the amount you have given him
• You will receive a text message that your account has been funded with the amount you wish to deposit into your account.
• To be sure that the money has entered your DYA account, check your account balance to confirm.

HOW TO VIEW YOUR DYA NUBAN ACCOUNT NUMBER

• Dial *710#
• Then type 1 to select bank service and send
•  Select manage Account  by typing  6 and send
• To view your NUBAN Account Number, type  2 and  send
• Your Diamond Yello NUBAN Account Number will be displayed on your phone screen.

HOW TO TRANSFER MONEY TO OTHER Y’ELLO ACCOUNT HOLDER

• First, dial *710#
•  Follow by typing 1 to select bank services and send.
• Select Transfer Money by typing 1 again and send.
• Select Account to Account by typing 1 and send.
• Enter your receiver’s NUBAN Account number
• Repeat the  NUBAN Account number
• Enter the amount you wish to send
• Enter a reference, e.g. “John from Grace” (this is optional)
• Confirm that the details supplied is correct
• Finally, enter your Account PIN
• You will receive a message on your phone confirming the completion of your transaction

HOW TO TRANSFER MONEY TO A NON-Y’ELLO ACCOUNT HOLDER (non-MTN subscriber)

To transfer money to others who do not operate a diamond yello account;

• Dial *710#
• Follow by Select Bank Service by typing 1 and send.
• Then, select Transfer Money by typing 1 and send.
• Next, select send to unbanked by typing 3 and send.
• Enter your recipient’s mobile number.
• Repeat the mobile number.
• Enter the amount you wish to transfer.
• Enter reference, e.g. from Grace to Peter (this is optional).
• Select your four-digit secret code.
• Repeat the secret code.
• Confirm that the details supplied are correct.
• Enter your Account PIN.
• You will receive an SMS containing the secret code and a Token (a randomly generated twelve-digit number) on your phone.
• Send the Token and the secret code to your receiver. After that, your receiver can go to a Mobile Money Agent to withdraw the money.

HOW TO VIEW YOUR DYA ACCOUNT STATEMENT

• Dial *710#
• Then select 1 for bank service.
• Enter your account PIN to view your account statement for past 5 transactions on mobile phone screen.

HOW TO CHANGE YOUR DYA ACCOUNT PIN

• Dial *710#
• Then select 1 for bank services.
• Select manage account by typing 6.
• Type 1 to select change account PIN.
• Enter your current PIN.
• Follow by NEW PIN.
• Finally, you will receive a confirmation message on completion with your new code in it.

HOW TO WITHDRAW MONEEY FROM YOUR DIAMOND Y’ELLO ACCOUNT

To withdraw fund from your diamond Y’ello account;

• Visit any Diamond Yello Account agent close to you.
• Inform the agent how much you wish to withdraw from your account
• Listen and follow all instructions to withdraw amount from an agent.
• Await a confirmation prompt from the system (sent by the agent to your phone) to approve cash withdrawal.
• Proceed to approve cash withdrawal once confirmation prompt is received.
• From your Phone, dial *710#.
•  Select Bank Service by typing 1.
• Type 3 to select Cash Withdrawal and send.
•  Type 1 and send.
• View the transaction pending approval from the list
• Type 1 to select Approved  and send to approve cash withdrawal
• Enter your account PIN
• You will receive a message confirming the success of the cash withdrawal along with your remaining balance after the transaction.
• The agent will give you the money you have withdrawn.

HOW TO BUY MTN AIRTIME FROM YOUR DIAMOND Y’ELLO ACCOUNT

To buy MTN Recharge card from your diamond yello account;

• Dial *710#
• Type 2 for MTN services and send.
•  Then, type 1 to recharge your phone or type 2 to recharge for others and send.
• Enter the amount of Airtime you wish to buy.
• Enter the beneficiary’s mobile number if you are recharging another person’s phone number.
• Repeat the mobile number entered in step 5 above
• Confirm the details supplied is correct
• Enter your Account PIN
• You will receive a message on your phone confirming the completion of the transaction.

For more information visit; diamond bank yello account web page

Everything I’m going to discuss here will boil down to;

How to pay for tuition fees abroad

How to pay school fees in UK from Nigeria

How to pay for school fees in South Africa

How to pay for school fees in china

How to pay for school fees in India

How to pay for school fee in USA

How to pay for school in Austria

How do one pay school fees abroad now. Look! Nothing has change; you can still pay your school abroad while still in Nigeria.

The Central Bank of Nigeria (CBN) says it has not stopped the allocation and sale of Foreign Exchange for purposes of payment of school fees and settlement of medical bills overseas as falsely stated by many Nigerians.

According to channelstv, the apex bank claimed that despite assurances it had given, some persons had continued to suggest that the Bank had stopped the allocation of Foreign Exchange to Nigerians seeking to pay school fees and medical bills overseas. The CBN also urged all genuine users desiring to obtain foreign exchange for payment of school fees and settlement of medical bills abroad to approach their banks with their requests and appropriate documentation.

Many Students seeking to pay for their tuition fees abroad have asked me here severally how to pay for school fees abroad as it very difficult sending money abroad now. The suggestions I make to them that work perfectly is what I want to share here with you too.

So if you are among those seeking to study abroad; whether for an undergraduate degree programme or postgraduate programme (PGD, MSc. Phd.), here are steps to take to pay for your school fees abroad.

Paying school fees abroad from Nigeria

There are several means to pay for tuition fee aboard from Nigeria. The current cheapest means is through;

A.  Form A

HOW TO PAY SCHOOL FEES ABROAD USING CBN FORM A

• Visit the customers’ care of any of these Nigerian banks: Firstbank of Nigeria, Guaranty Trust Bank, Stanbic IBTC, Diamond bank, Zenith bank, and Fidelity bank; if you have an account with them that would be better. Take the bank detail of the school that offer you the admission.
• Tell them you want to pay for school fees abroad using Form A, you will be directed to the appropriate desk where you will be given Form A to fill and sign. Please, make sure you fill the form correctly; ask questions where you are not clear.
• The bank will communicate to you after proper filling and documentation of form a, the day the payment will be made.
• Scan the payment receipt and email it to your school in abroad, they will notify you when they received the payment.

If you don’t have account with any of the bank mention above; you may need to first, visit any CBN office close you to present your evidence of your school admission abroad.  After authentication by CBN, you will be given an official exchange rate waiver.

After given a waiver; visit any of the bank mention above or if possible, visit GTbank with this official exchange rate document from CBN

• Tell you them you want to pay for your tuition fees abroad. Present the CBN paper to them.
• You will be given Form A to fill and sign. The procedure continues as in above.

• GTBank may take up to 2 months to make the payment.
• Stanbic IBTC may take maximum of 72 hours to make the tuition fee payment.
• Firstbank of Nigeria may take maximum of 48hours to make the payment.

An Advice

1. My candid advice here is this; don’t wait till when it is remaining 2 months, 1 month or weeks before you starting seeking for means to pay your school fees abroad. Start at least 3 months earlier.
2. Any of these bank mention above may claim to make the tuition fees payment within 72hrs, 48hrs or even 24hrs, I rather suggest you visit them often to make sure they keep to their promise.

B. Through Domiciliary Account

HOW TO PAY TUITION FEES ABROAD FROM NIGERIA USING DOMICILIARY ACCOUNT

Here, you have to open a domiciliary account or use a domiciliary account of someone you know to make the payment.

Some Nigeria banks to open a domiciliary account with are GTbank, Firstbank, Diamond bank, and Zenith bank.

See how to open a domiciliary account with Gtbank, Firstbank and Zenith bank

• Once, you open a domiciliary account let say with GTBank; the next step is to fund the domiciliary account with the require amount you wish to pay as school fees abroad.
• To fund the account, foreign exchange Company, like Travelex may offer better foreign exchange rate option than the black market (BDCs).
• Show GTbank staff the admission letter and they will give form to fill the university bank details and to also add your student name and student ID number.
• You need to have extra money on your domiciliary account for bank transfer charges. The bank charges include; telex transfer charge (optional but necessary), off shore charges
  and £10 if the correspondence bank need to deduct.

B. Through agents

How to pay school fees abroad from Nigeria through agent

There are many agents (both local and international agents) that claim to offer the service of helping students who are offered admission abroad to pay for their school fees. I wouldn’t want to start mentioning them here because I don’t trust any of them.

So, I will suggest you go with the above two options. I did not say they are bad oo.

The Central Bank of Nigeria, CBN, yesterday declared a flexible exchange rate regime. This is aimed at making foreign currencies more accessible. In other words, the CBN has annulled the official exchange rate regime of N197/dollar.  To explain this further, the fixed exchange rate of N197/dollar will no longer obtainable in any bank in Nigeria.

According to today’s vanguard report, the CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis. CBN Governor, Mr. Godwin Emefiele, who announced this at the end of the Monetary Policy Meeting, in Abuja, also said the Monetary Policy Rate, MPR, was retained at 12 per cent; Cash Reserve Ratio, 22.5 per cent; and Liquidity Ratio, 30 per cent.

Following the severe pressures on external reserves and foreign exchange supply crises, the CBN abandoned its fixed exchange rate policy in favour of a flexible and multiple market models, which implied a floating exchange rate regime. The apex bank’s Monetary Policy Committee, MPC, which made this decision, choose to retain its Monetary Policy Rate, MPR, at 12 per cent, Cash Reserve Ratio, CRR, at 22.5 per cent and Liquidity Ratio at 30 per cent. According to the CBN Governor, Mr. Godwin Emefiele, details of the new foreign exchange market policy, would be released in due course. He, however, added that the apex bank would retain a special window to fund critical transactions in foreign exchange, which would likely attract a concessionary rate. By this development, the interbank foreign exchange market, which has been dead for some time now is revitalised on unrestricted exchange rate basis, while the Bureaux de Change, BDCs, would continue their operations, thus creating multiple exchange windows. The Governor however, ruled out any consideration for channelling foreign exchange to the BDCs. Briefing the media after the MPC meeting, Emefiele explained that “the MPC voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate,” adding that it voted also to “retain a small window for funding critical transactions” and that “details of operations of the market would be released by the Central Bank at the appropriate time.”

What is the fate of commercial banks on this new exchange rate regime?

Most of the bankers that spoke to Vanguard appear unsure of what the market direction would be today or this week in respect of foreign exchange trading. President of the bank treasurers’ association, Mr. David Adepoju, said bankers would not trade outside the existing policy as CBN had not rolled out the details of the new policy. According to him, if the apex bank allocates foreign exchange on the basis of the existing policy which fixed exchange rate at between N197 and N199 to USD1, the banks would stay on that official rate. There would possibly be dual rates in the banks where the official rate might persist on foreign exchange supplied by CBN at the official rate.

What are the implications of this new exchange rate regime?

• Exchange rate is expected to spike. You can expect the inflation picture to worsen in the near term as a result of the emergence of a new exchange rate to consumer prices. Naira will remain under pressure as market forces adjust the fixed CBN’s clearing rate to a more realistic parallel market rate.
• The possibility that this will work is uncertain even as the CBN need to put a massive structural operational framework in place to ensure it works perfectly.
• The expectation that black market will disappear as all you need to do is walk to the bank and ask to buy forex at the market rate is actually unpredictable.
• Commercial banks are likely going to work under dilemma unless the CBN comes out with a baseline exchange rate and ways of implementation.
• Expect Interest Rate to continue to hover at current levels with an increased double digit outlook.
• The special window will give room for an abuse. It will create distortion in the economy.

Whether the new flexible exchange rate of CBN will in a long run lead to a stabilization in exchange rate is a question that I cannot answer  until CBN spell out the full details of the new policy.

Updated on 5th June 2016: Details of the new foreign exchange market policy, according to the CBN Governor, Mr. Godwin Emefiele, would be released in due course.

Read; CBN inconsistency FOREX TRADING policies since the new Government;

• Suspending of dollar deposit into domiciliary account
• Ban of use of Naira mastercard outside Nigeria
• Dollar deposit into  domiciliary account; Ban lifted
• CBN Ban of sell of forex to BDCs

Nigerian banks USSD code for recharging Airtime your mobile phone

Gone are the days you are stranded, searching for recharge card vendors to top-up your phone.  These days, you can comfortable top-up your phone with airtime from the convenient of your home, office or from any corner through your bank. The innovation all started with Guaranty Trust bank, GTBank and other bank follows suits. Today, what we talk about is mobile banking. All banks in Nigeria have virtually joined the trend in mobile banking; providing USSD code for recharging phone through bank account. Recharging your mobile phone through your bank using the USSD code is very simple.  All you need to do is dial the short USSD code from any of the bank you have account with.  Instantly, your mobile phone will be credited with the amount you requested.  There is no hidden cost.

Below are list of Nigerian Banks, their various USSD Recharge Codes and daily limit of Recharge for self and others (family and friends):

• Fidelity Bank Airtime Recharge Code

To recharge your mobile phone, dial *770*amount# and SEND from your mobile phone (this should be done from the phone number that is link or registered with your bank). E.g. *770*500#

To recharge other phone number (family and friends), dial *770*phone no*Amount# and SEND from your mobile phone. E.g. *770*07038844464*500#

Daily recharge limit is 5000 Naira.

1. To use Fidelity Bank Airtime Recharge code to top-up your phone or other phone number;
2. You must have a minimum of 10 Naira balance on your phone.
3. You have to first register for Fidelity bank mobile banking by dialling *770#

• Guaranty Trust Bank (GTBank) Airtime Recharge Code

To recharge your mobile phone, dial *737*amount# and SEND (this must be from the mobile phone number that is link or register in your account). E.g. *737*500#

To recharge other mobile phone number (family and friends), dial *737*mobile phone number*Amount# and SEND from your phone. E.g. *737*08099493028*500# (you will be required to verify the transfer by entering the last four digits of your ATM card)

Daily recharge limit is 5000 Naira.

• United bank of Africa (UBA) Airtime Recharge code

To recharge your mobile phone from your bank account, dial *389*033*1*Amount# and SEND from phone number register in your account. E.g.  Dial *389*033*1*500# to recharge your mobile phone with 500 airtime.

A code to recharge other phone numbers is not yet rolls out.

• First Bank Airtime Recharge Code

For First bank customers, you can top-up your line by dialling *894*amount#. Example, dial *894*200#

Daily recharge Limit is 3000 Naira.

• Sky Bank Airtime Recharge code

To recharge your mobile phone from your Sky bank account, the code is *389*076*1*Amount# and send. Example, *389*076*1000#

• Zenith Bank Airtime Recharge code

All Zenith bank customers who want to recharge their mobile line should dial *302*Amount# (send from phone number register in your account). E.g *302*500#

Daily Limit is 5000 Naira

• EcoBank Airtime Recharge code

For EcoBank account holders, simply dial *326*Amount# to recharge your mobile phone from your bank. Example, *326*800#

• Sterling Bank Airtime Recharge code

Sterling bank offers her customers; “Go Recharge”. This is the bank mobile recharge code slogan for seamless and stress-free way of recharging mobile phone using code. To go recharge, dial *822*Amount# Example, dial *822*500#

• Stanbic Bank Airtime Recharge code

If you are Stanbic bank customer, simply dial *909*Amount# and send from your mobile phone register in your account. Example, *909*1500#

Daily recharge limit is 5000 Naira

• Access Bank Airtime Recharge code

Access Bank customers should simply dial *901*amount#. This must be send from your mobile phone number that is registered in your account. Example, *901*2000#

Daily Limit is 5000 Naira.

visit Access bank Ussd mobile banking web page for further inquiries

• Wema Bank Airtime Recharge code

To recharge your mobile phone number from Wema Bank account, just dial *322*035*Amount# E.g. *322*035* 400#

• First City Monument Bank (FCMB) Airtime Recharge code

FCMB customers should simply dial *322*214*Amount# to recharge their mobile phone from their account. E.g. *322*214*400#

Other banks in Nigeria like;

• Unity bank,
• diamond bank,
• Jazz bank,
• Union Bank,
• Enterprise Bank,
• Citibank,
• Heritage Bank,
• Key Stone Bank,
• MainStreet Bank,
• Standard Chartered Bank and JAIZ bank are yet to roll out their Mobile phone airtime recharge code.

I will continuously update this page as the banks roll out mobile airtime recharge codes.

Mobile banking has taken a new dimension in Nigeria. One aspect of it is the transfer of money from bank to bank and to other bank through mobile phone using a short USSD Code.  The innovation first started with USSD recharge code for mobile airtime top-up; now, many banks have improved the service to include money transfers, account balance inquiry, short statement of account and bill payments all by just dialing USSD code from your mobile phone. From the comfort of your home, office or any corner, you can now transfer money to your bank account or to any bank account. These days, I don’t often visit my bank to make payment or to deposit money; I simply use my bank money transfer code or internet banking to do all those transactions.

These  save me the stress of queuing up at the banking hall just to deposit small amount of money. Apart from stress, it saves time. It is fast, convenient and highly secure.

So if you have been searching your bank mobile money transfer codes, below are list of bank available USSD codes for money transfer for all Nigerian banks that offer the service as of today.

• Guaranty Trust Bank (GTB) Money Transfer Code

All GTBank customers can initiate transfers to another GTBank account, by dialling *737*1*Amount*NUBAN Account No# e.g. *737*1*1000*2456567890# from the mobile phone number registered with the Bank.

For transfer to a beneficiaries account that is not GTBank or in other Bank’s, GTbank customers should simply dial *737*2*Amount*NUBAN Account No# e.g. *737*2*1000*2456567890#. Customers will be required to enter their last four digits of their GTBank Naira MasterCard to authenticate each transaction.

*737* Transfer service is only available to GTBank customers via their mobile phone numbers registered with the Bank

Minimum transfer limit is N1, 000 while maximum daily transfer limit of N20, 000.

For more information, you visit GTBank mobile banking website page

• Fidelity Bank Money Transfer Code

To transfer money from Fidelity bank account to another bank account, simply dial this *770*NUBAN Account number*Amount#; NUBAN Account number is your 10 digit account number. Example; if you want to transfer N5000 to someone’s Access bank account, dial *770*2456567890*5000# from the mobile number registered/linked with your Fidelity Bank account.

Then select the beneficiary bank Name (Access bank) from displayed bank options.
Access bank
First bank
Diamond bank etc
Enter your transfer PIN to confirm transfer. The recipient account number will be shown to you before you enter your ATM card PIN. This lets you verify that you’re not sending money to a wrong account number.

If this is your first time of using the service, you will be requested to register for the mobile service. To register,  dial *770#, Enter your NUBAN Account number (Fidelity bank account number), Select a 4-digit PIN for your account.

If you have two accounts with Fidelity bank, let say current and saving account and you’re using the same phone number for both account, your current account will be debited first before your savings account.

Maximum Transfer per transaction is N10, 000 while Maximum transfer per day is N20, 000

Transfer charge per transaction is 100 Naira

To use Fidelity bank money transfer code;

1. You must have a minimum balance of 10 Naira airtime on your phone
2. You must register for the service by dialling *770#

For further information, you can visit fidelity bank instant banking service website page

• First Bank Money Transfer Code

First bank USSD code allows customers to transfer money, pay bills, make purchase etc. To transfer money, simply dial *894# and select 1;

dial *894# and select 2 to withdraw money,

dial *894# and select 3 to make purchase;

dial *894# and select 4 to pay bills;

dial *894# and select 5 to buy airtime;

and dial *894# and select 7 to manage account.

• Wema Bank Money Transfer Code

For Wema Bank customers, to do a quick FUNDS TRANSFER, dial *322*035*NUBAN Account number*AMOUNT#.  E.g *322*035*3548667724*10000#

You can now do a lot with Wema bank USSD Banking codes:

• For instant recharge, dial *322*035*AMOUNT#
• For 3rd party recharge, dial *322*035*PHONENUMBER*AMOUNT#
• For Balance Enquiry, dial *322*035*0#
• To change your PIN, dial *322*035*00#

Visit Wema Mobile banking web page

• Diamond Bank USSD Money Transfer Code

Diamond Bank holders should first register Diamond Y’ello account.

Transfer money to any bank, dial *710*777*ACCOUNT NO*AMOUNT*PIN#.
For Diamond Y’ello to Diamond Y’ello Transfers, dial *710*710*PHONE NO*AMOUNT*PIN#.

Other banks:

First City Monument Bank (FCMB),

Unity Bank,

Heritage Bank,

KeyStone Bank,

Zenith Bank,

EcoBank,

United Bank for Africa (UBA),

Sterling Bank,

And Skye Bank USSD codes are yet to roll out their money transfer code.  I will continuously update this page as the banks roll out their money transfer codes. For the time been, you can use your ATM machine to transfer money from one account number to the other.  With you ATM card, you can get this done. Well, this is an alternative to online banking.

Do you know that Paypal now reject Payoneer MasterCard? Do you want to know how to withdraw from your US PayPal account in Nigeria now that PayPal rejects Payoneer Debit MasterCard?

PayPal is one of the best global online payment platforms.  Its universality and popularity had given the platform an edge over other global online payment system. PayPal is a payment option for over 90% businesses online. From the comfort of your home, you can purchase goods online through the use your Paypal account and have them ship to your doorstep.

Before the arrival of Nigeria PayPal (WWW.PAYPAL.COM/NG ) on Wednesday, June 17, 2014, Nigerians  cannot open and verified a PayPal account without using IP changer  and having someone to use his/her USA bank account to verify it. Many Nigerians after opening and verifying the account have to pay someone to withdraw their money through US bank and transfer the money through other means, which usually takes more than 2 months. Finally, Payoneer arrived and ease the difficult in withdrawing from PayPal.

Using Payoneer card to Verify and Withdraw Fund from PayPal account

The era of using Payoneer account to verify and withdraw fund from PayPal account came. Many Nigerians who had earlier successfully open and verify PayPal account using US ip address and USA PayPal from Auction Assistance were able to use Payoneer card to withdraw fund from their PayPal account in Nigeria. Payoneer account has work fine with PayPal without a hitch but not until recently, there comes a big bang. What is it?  PayPal no longer accept Payoneer card. So, the issue now is how one withdraw fund from PayPal account in Nigeria.

HOW TO WITHDRAW FROM YOUR PAYPAL ACCOUNT IN NIGERIA

Now that PayPal no longer support Payoneer debit MasterCard, you will find it challenging in withdrawing fund from your PayPal account in Nigeria. In other to find a way out and as one who is into the business, I did an extensive research of possible means to withdraw money from PayPal right here in Nigeria. So, if you have your money lying dumb on your Nigeria PayPal and USA PayPal account from Auction Assistance, here are means to withdraw those funds;

• Partner with us – we can help you sell your PayPal fund to our buyers who want to shop online and those who want to transfer money abroad. We charge based on the local currency exchange rate of our country and have the money pay into your local bank account. If you are interested in partnering with us, don’t hesitate. You can contact us, now!

• Shop online with the money – you can use your PayPal fund to shop on most online shops. It depends on your needs or what you want. You can use it to purchase goods and services as you wish online and have them ship to you in Nigeria ( if you are in Nigeria). You can sell off those goods when you import them and have you money with you.

• Sell your PayPal fund to exchangers – There are a quite a number of foreign currency exchanger like;

1. http://www.minute-exchange.com Minute-Exchange is one of the major exchanger for most online currency merchants such as: Liberty Reserve, Perfect Money, Webmoney, Pecunix, WiredPay, OKpay, AlterPay and many others. We have lots of local exchangers for http://www.libertyreserve.com/ . So, what you can do is to open a LibertyReserve account, exchange your PayPal fund for LibertyReserve USD and have you local www.LibertyReserve.com exchanger pay into my local bank account. That’s all. Though, very tedious but this is the safest way.

2. http://www.exchangemoneyplace.com : there are lots of service charges incur by the individuals on this forum but one good thing about this exchanger is that you can by chance meet an exchanger who is from your country or who can exchange your fund for your local currency. Nevertheless, there is a lot of risk of losing your money as most of these exchangers do not have. But if you can continue to use the exchangers that have good review, you will be sure of fund being safe. What if they do not match your need? Use the one above.

It is often better to sell your PayPal fund than to wait until you begin to receive funny cocktail story from PayPal like your account withdraw limit is now…,  your account has been suspended…, your account has been frozen due to…. etc. This has happened to a lot of people who kept piling foreign currencies in their PayPal account.

With the above means, you can actually withdraw fund from PayPal in Nigeria

For your questions and comments, you can use the comment box below this page.

Finally, the anticipation is now true. CBN floats Nigeria Naira! Remember some few weeks ago,  I wrote that CBN has abandoned the official  exchange rate of N197/$ to a tentative flexible foreign exchange regime.

Here is the  latest on the matter.

The Central Bank of Nigeria (CBN)  Wednesday announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.

CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the economy- which is import dependent. Mr. Emefiele said, “The Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors. Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele “It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market. “The workings of this market will be consistent with the Bank’s objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market. Highlights of the flexible regime Under the new regime, Governor Enefiele said that the market would operate as a single market structure through the inter-bank/autonomous window Below are the highlights of the new regime: *The Exchange Rate would be purely market-driven using the Thomson-Reuters Order Matching System as well as the Conversational Dealing Book. *The CBN would participate in the Market through periodic interventions to either buy or sell FX as the need arises. *To improve the dynamics of the market, we will introduce FX Primary Dealers (FXPD) who would be registered by the CBN to deal directly with the Bank for large trade sizes on a two-way quotes basis. *These Primary Dealers shall operate with other dealers in the Inter-bank market, amongst other obligations that will be stipulated in the Foreign Exchange Primary Dealers (FXPD) Guidelines, which would also be released immediately after this Press Briefing. *There shall be no predetermined spread on FX spot transactions executed through the CBN intervention with Primary Dealers, while all FX Spot purchased by Authorized Dealers are transferable in the inter-bank FX Market. *The Forty-One (41) items classified as “Not Valid for Foreign Exchange” as detailed in a previous CBN Circular shall remain inadmissible in the Nigerian FX market. *To enhance liquidity in the market, the CBN may also offer long-tenored FX Forwards of 6 to 12 months or any tenor to Authorized Dealers In addition: *Sale of FX Forwards by Authorized Dealers to end-users must be trade-backed, with no predetermined spreads; *The CBN shall introduce non-deliverable over-the-counter (OTC) Naira-settled Futures, with daily rates on the CBN-approved FMDQ Trading and Reporting System. This is an entirely new product in the Nigerian Foreign Exchange Market, which would help moderate volatility in the exchange rate by moving non-urgent FX demand from the Spot to the Futures market; *The OTC FX Futures shall be in non-standardized amounts and different fixed tenors, which may be sold on any dates thereby ensuring bespoke maturity dates; *Proceeds of Foreign Investment Inflows and International Money Transfers shall be purchased by Authorized Dealers at the Daily Inter-Bank Rate; and *Non-oil exporters are now allowed unfettered access to their FX proceeds, which shall be sold in the Inter-bank market. Timelines *Selected FX Primary Dealers would be notified by Friday 17th June 2016. All other non-Primary Dealers would remain valid and eligible to participate in the market *Inter-bank trading under the new guidelines will begin on Monday 20th June 2016; and *The tenors and rates for the OTC Naira-settled FX Futures will be announced on Monday, June 27, 2016. Depleted foreign reserves The CBN, the governor said, had to take the measures sine the nation “witnessed a significant decline in our Foreign Exchange Reserves from about US$42.8 billion in January 2014 to about US$26.7 billion as of 10th June 2016. “In terms of inflows, the Bank’s foreign exchange earnings have fallen from about US$3.2 billion monthly to current levels of below a billion dollars per month.” He blamed the poor foreign exchange receipts on the over 70 percent drop in the price of crude oil, which contributes the largest share of our Foreign Exchange Reserves; Global growth slowdown and geopolitical tensions along critical trading routes in the world; and Normalization of Monetary Policy by the United States’ Federal Reserve. The CBN boss explained, “the interplay between reduced FX Supply and rising FX demand accounted for a substantial reduction in our foreign exchange reserves.” Mr. Emefiele, assured, however, that “Our Reserves, despite having fallen, is still robust and is able to cover about 5 months of Nigeria’s imports as against the international benchmark of 3 months.” He said that his team at the CBN would ensure transparency in the new regime and that there would be no place for speculators. His words “Let me note that the Central Bank is strongly determined to make this market as transparent, liquid, and efficient as possible. Therefore, we would neither tolerate unscrupulous behaviour nor hesitate to bring serious sanctions on offenders. “The CBN expects all authorized dealers particularly to display the highest level of professionalism. We expect them to understand the spirit and letter of this transition to a market based system. The CBN will not allow the system to be undermined by speculators and rent-seekers. *Permit me to emphasize that any attempt to breach any aspect of this new framework will be heavily sanctioned by the CBN and this may indeed result in the suspension or withdrawal of the FX dealing license of an offending Authorized dealer.” The governor explained that the Primary Dealers would be about eight or ten and banks with the capacity to go to the market with as much as $10 million.

Let’s briefly look into some arguments on this issue by people

View1:  All the central bank governor is trying to do is to close the
embarrassing gap between the official rate and the parallel market rate.
Though, he is going about it in the wrong way as usual. Let him reverse that his 41 item ban list at least on paper, that will be a psychological hit on black market to fall.
Exchange rate is a psychological warfare not necessarily a war of wit and power as always demonstrated by this CBN regime under Emefiele. This is just diplomatic devaluation of the currency.

Response to view1: But they don’t have dollars to defend those items if it is reversed and it will be more policy inconsistency. I think the CBN Governor should resign.

View 1.2: They can do periodic rotational allocation system where each item on the list is allocated USD for a given period then shift to another item in a circular pattern so that no sector is totally strangled by dollar shortage. it will create a little balance than what we have now , instead of outright ban on 41items that pushed importers to source from black market causing a chain reaction of chaos. Crude oil price is now $50 per barrel meaning we are bouncing back in revenue and dollars; they should develop the refineries in more stable regions unlike the Niger- delta area

Response to view 1.2: While you have offered a solution, which means at least you have your own ideas if you were to be CBN governor. What you mean in essence is open the borders but CBN can’t control international crude price so cannot plan apostiriori it can only plan with what it has so it assumes oil price is low. I say diversify the economy but much more Naira is needed for this to be done. For now we wait and see the band which this single window will be and how it reflects realities. It is a choice btw two evils. I think they have finally chosen the lesser evil but inflation is a price we must pay either way you look at it.

source: vanguard

Do you know you can Withdraw cash from any quickteller ATM machine without your ATM debit card? Here below you will see how it works!

Fidelity bank, one of top innovative banks in Nigeria in line with seamless economy has introduced CASH WITHDRAW code termed, ‘Dial4cash’. Fidelity bank have initially introduced USSD code for airtime recharge through bank account, follow by USSD code for money transfer through phone. Now, it is code to withdraw money without ATM card.

Dial4cash offers Fidelity bank customers opportunity to withdraw cash from any quickteller ATM machine without ATM card. You can withdraw fund anywhere, anytime without your debit card from quickteller ATM.

How it works

First you have to enrol for mobile banking or SMS banking if you have not done that before by dialling *770#. Once enrolled or registered, you’re good to go!

• Visit any quickteller ATM close to you. Quickteller logo is inscribed on most quickteller ATM machine.

• Simply dial *770*8*amount# to generate a paycode directly from your fidelity account.

• Follow the instruction after generation Paycode to withdraw the cash from the ATM

Conditions

Only multiples of N1, 000 can be withdraw. So, the minimum withdraw limit per transaction is N1, 000.

You must have at least a balance of N10 on your phone for this to work.

Your phone number must be link to your fidelity bank account.

Enjoy!

For your questions and comments, you can use comment box below. For other uses of fidelity bank *770#  code, visit Fidelity bank mobile banking website.

• RESTRICTION ON THE USE OF NAIRA ATM CARDS ON INTERNATIONAL TRANSACTIONS HAS KICK OFF

Due to current volatility in foreign exchange market, the following banks below has started restricting their customers from use of Naira ATM card on international transactions.

• Zenth bank – Most Zenth bank customers receive the notification of the suspension on June 13 and 14.

 Dear valued customer,

This is to notify you that effective Monday, June 13, 2016, your naira card will no longer be enabled for international transactions.

Please be informed that your naira denominated cards will only be used for naira transactions across all payment channels.

For international transactions, please obtain any of our dollar denominated cards from Zenith Bank branches nationwide.

Thank you for your continued patronage.

• Standard Charted bank

Standard charted bank use of Naira ATM card suspension on international transaction kicks off on 1^st June.

Dear customer,

Please be informed that your Naira Dominated Debit and Credit cards will no longer be functional for international transactions effective June 1^st, 2016. This is due to current volatility in foreign exchange market. Your naira denominated cards can only be used for local transactions at POS terminal, ATM and online for Nigerian retailers.

……………………………….

• Diamond bank

Diamond bank suspension has long existed.

Other banks on our watch list are;

• GTBank
• Fidelity bank
• Access bank .                                                                                                     Though they have not joined the queue but I envisage they are warming up.
  

 Once they join, we will update this post. I will suggest that if you are customers to any of the above banks, you visit your bank, open a dollar domiciliary account and obtain dollar dominated ATM card for your international transaction.