Sequel to the restrictions placed on the use of Nigeria debits cards abroad, Nigerians across board are presently lamenting what they described as the dictatorial tendencies, exhibited by the President Muhammadu Buhari led federal government.
It could be recalled that in a bid to stop corrupt Nigerians from spending their looted fund outside the country, President Buhari, had through the Central Bank of Nigeria, CBN, placed a daily limit on Nigerian debit cards abroad.
Although, his reasons were understandable, Post-Nigeria gathered that the restrictions has suddenly begun to affect genuine Nigerians, who go outside the country for business purposes.
Presently, Nigerians living in Malaysia, especially students, are finding it difficult to withdraw money for their school fees and other expenses.
According to a Nigerian Student in Malaysia, Ranti Abegunde, “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,”Abegunde said.
Post-Nigeria in one of its survey in South Africa, discovered that all Nigerian debit cards were not working abroad.
Trying to book for a hotel was a challenge, as the debit card was not accepted.
Most disheartening is that Western Money Union Transfer, has also been restricted to N10,000 maximum, with only 3 transaction permitted per customer daily.
Aside, Post-Nigeria discovered that the situation had degenerated to a level where Nigerians now carry multiple debit cards abroad; despite that, one has to stay for many days to purchase an item abroad.
The apex bank while defending the deliberate policy had said it was done to cushion the pressure on the naira, due to shortage of foreign exchange.
It noted that the restriction might continue until the country could increase its forex earnings.
Meanwhile, financial analysts have argued that instead of the President punishing genuine Nigerians doing business abroad in a bid to get at corrupt individual, he would have worked out a mechanism were a reasonable limit will be allowed, with the transaction well monitored to guide against money laundering.
Based on our findings, if something is not done to address the situation, Nigerians out of desperation will come up with all sorts of daring ways to get their hands on foreign currency.
Already, a man in October last year was caught with 108 debit cards trying to leave the country, through the international Airport in Lagos.
Few days before the discovery, another man in Kano was caught trying to leave the country with more than 800 debit cards.
Judging from the discovery, one has to assume that many have managed to get through.
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