Internet Entrepreneurship: Why CBN's new Policy is a farce?

The term "Internet entrepreneur" denotes an owner, founder or manager of an Internet based business enterprise, and specifically covers every aspect of online business endeavors. While choosing the right bank is a critical decision when starting up any business, it is even more so when it is an online business.

Research has shown that most businesses stay with their current financial institution whatsoever be the situation, and not looking around for better deals.

For an online business to thrive, there must first be an effective payment gateway for online payment processing, which financial services can be provided by the bank.

Directly or indirectly, the bank controls your online transactions, either when paying for services or accepting payments. With the Central Bank of Nigeria (CBN) imposed new foreign exchange controls, banks are adjusting the limit individuals can spend using foreign currency.

The new foreign exchange controls have forced retail banks to buy dollars from the CBN to settle international payments made by their customers.

The onus of the matter is that Internet entrepreneurs has been shortchanged by the rather rash policy.

Imagine a situation you have to pay double the exchange rate for the dollar, when paying for hosting services and the likes, and the same bank places half the value on the dollar funds on your domiciliary account.

The country’s Internet Entrepreneurship scene remains one of the most promising, and most exciting part of Nigeria’s growing economy. Therefore, this ill-fated policy needs total scrapping to save what is left of it.
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