This popped in this morning.
http://www.punchng.com/banks-stop-use-of-atm-cards-abroad/
NOTE:
Ban is by bank not CBN. So don’t blame my president.
So maybe we all have to move our intl spending to StanbicIBTC cos i heard they are the ones with unlimited stash of forex.
Who else should we blam? 
Well this would Hit hard on the fragile IT industry. The average VPS hosting in Nigeria is at the neighbourhood of 7k-12k for a 1G container (less so many adons )
#Nigeria’s central bank closes the interbank FX market until Jan. 4. #Naira.
Wao!!! Just paid some advanced payment now - Quite Outstrageous - 29usd for N7789. Thank God I have Dom account with inflows from Google Adsense. Av got to apply for Mastercard right now.
I do wonder how long Adsense and co will continue to remit USD, if Nigerians are prevented from buying the merchandise being advertised
That the plan of the CBN, the plan is to force foreign entities to be forced to start accepting Naira as a means of payment there by reducing the pressure on the Naira. Its a fantastic idea… on paper.
CBN’s experiments are really telling on the economy. I sincerely pray that these measures pan well for Nigeria but there should be palliatives for the time being.
My question would be how do other oil producing countries like Libya keep their currency exchange rate fairly stable and favorable?
And although Libya isn’t the best example, despite the civil disturbance their currency is holding fair.
Don’t forget the entrepot oil trade Nigeria is in… Exporting crude oil only to import it back to the country with forex…
Libya has working refineries unlike Nigeria.
So the purpose of stopping all foreign transactions is to limit loss of Forex.
Does anyone here have data on the amount of foreign currency Nigerians spend with their Naira Master cards?
I mean is this figure significant enough to impact the demand for dollars in the nations financial market to the point of lowering the naira?
Shouldn’t we be seeking more ways to promote inflow of forex through exporting our local products and services internationally?
I have always said that our banking institutions with CBN have not done enough to encourage the growth of small businesses online.
Now we are seeking to tighten the hose of outward flow for online transactions, whereas the one for inward flow is totally blocked.
This measure is more than likely to cause the economy to implode.
I can live with this. Was already beginning to worry about all my hosting bills. And by this, I mean the GTB limit.
Thank god! My blood pressure can calm down! 
Heritage pegged their cumulative monthly limit to $1000 as well. StanbicIBTC on the other hand, allows up to $2500. Swag.
This CBN policy may herald the growth of bitcoin as an alternative payment option in Nigeria. Here is what CoinTelegraph authoritatively says about the situation. Link here
Was charged close to 9000 Naira by GTB for a transaction of 26 dollars and 4000 or so for a transaction of 13 dollars. Which bank do you use? Need to switch ASAP.
Right now, to survive you MUST have a First bank and Access Bank Card.
First bank allows $2500 in “one single” online payment.
To have that in Nigeria today is BOSSY.
I use FCMB for my online transactions
