This is going to be one of the exciting news for Nigerian online advertisers as Facebook now accepts Naira as a method of payment. Before money are paid in dollars if you want to advertise on Facebook, but with this new updates, advertisement is going to be win win situations for Nigerians, who only markets their products and services on Facebook.
Naira have been on the decline since the fall of oil price globally, that since naira declining from 165/$1 to 370 Naira per dollar. This situation is not a pleasant one for those who needs to advertise their products, and wouldn’t be able to increase the price of competitors, Nigerians are always know to find the alternative as situations Changes
Before online, most of Nigerians banks have stopped customers from paying for any services online that has to do with dollars, because of the weakness of our currency
Facebook Accepting Naira Payment, Not Yet Uhuru
Well, for now it is not yet a time to celebrate though, because our different banks have to go through some processes that are not yet in place, before Nigerian advertisers on Facebook begins to enjoy this new changes
As a matter of fact, Amazon has been accepting payment conversion in Naira for at least 2 years now (i first used it in 2014), the problem still is that they will bill you the naira but demand the money in USD equivalence from your bank (usually high).
Bottom line is that Nigerian banks will still require customers to use USD debit cards to make purchases from foreign companies like Facebook because they pay these companies in USD. Except of course foreign exchange ceases to be a problem for the banks.
Well, we hope these new changes is permanent, and Google, the biggest online advert platforms through the Google Adwords, makes this change also.
Are you online advertiser, what do you think about this new Facebook accepting payment in Naira, have you used it, what is your view and your experience between you and your banks.
Some advertisers are not finding this funny for now, as some banks are reported to be rejecting the transaction if you used Naira as a method of payment on Facebook. Please we need your views