Key questions this article answers:
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Earlier this year, many local banks suspended international payments on naira cards. What alternatives emerged for consumers to pay foreign vendors, such as streaming services, gaming platforms, online courses etc?
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The impact of the new exchange rate reforms FX reforms on banks has received much attention in public discourse, but how will the new exchange rate reforms affect cross-border payment startups that also provide FX trading services to consumers and businesses?
Will naira cards start working on foreign platforms again?
Six months ago, many of us woke up to emails from our banks informing us that our bank cards were basically useless on foreign platforms like Apple Music, YouTube, EA Sports, Facebook Ads etc. Essentially, we had money but no money at the same time.
Since the Central Bank of Nigeria (CBN) insisted on tightly controlling access to the foreign exchange market to compensate
