By: Ibinabo
The Naira today, August 3, 2023 continued it’s downward trend dropping to as low as N895 against the United States dollar in the black market also known as parallel market (Aboki FX) in Lagos, Abuja, Kano and other major cities.
Below are the current rates the Naira is exchanging against the three major currencies in the market.
Dollars to Naira (USD to NGN) Exchange Rate Today
Buying Rate 892
Selling Rate 872
Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 955
Selling Rate 940
Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 1170
Selling Rate 1150
My Experience Using Wema Bank’s Newly Reintroduced Mastercard
So, the news broke about three weeks ago that Wema Bank has brought back the naira Visa and Mastercard. It was the best news I’ve heard in a year as I look forward to a hassle-free transactions, especially to pay for my website’s SEO support.
So, I waited a week to see if other banks will follow suit. I was pretty sure Wema is just the first, and that offer banks like First Bank and Zenith (where I already have accounts) will make their own announcements in the following week. Wrong.
Other banks will probably join Wema in this aspect, but I couldn’t wait anymore. So, I headed into a Wema Bank branch last week Wednesday and opened a savings account. I asked about the Mastercard availability before even filling the account opening form. They assured me the thing is real. Me equals very happy.
I returned to the bank on Tuesday this week to get the card. Me equals happiness again the moment I was handed the purple card with Mastercard’s logo at the bottom right and my name on the left. Will it work for online transactions? Wilco, they assured me.
Back home, it was time to experience something I’ve missed since Buhari’s administration. I waited till the next day, though. My first attempt with my shiny newly acquired Mastercard was to pay for a diib subscription to support my website. My heart skipped a beat when the otp landed in my phone. Sadly, the transaction ended with: “your card has been declined.”
Note: I have more than enough balance in my account. My heart sank. It just reminded me that most of these naira MasterCards were just in name and not function even before the ban. For example, I had FCMB and Ecobank Mastercards that never worked. Only my First Bank Mastercard worked like a charm back then.
Well, I’ve emailed Wema Bank requesting an explanation. That was yesterday; still awaiting their reply.
