Over the weekend, iTunes sent out a mail to its Nigerian subscribers informing them of an imminent currency change in the iTunes Store and Apple Music.
With "Currency Change in the App Store, the iTunes Store and Apple Music" in the subject line, the message read thus;
Dear Subscriber, The currency of the App Store, the iTunes Store, and Apple Music in Nigeria will soon be changing from U.S. dollars to Nigerian naira. This change requires no action from you. After the currency change occurs, any pre-orders or subscriptions you have will be billed in Nigerian naira. Learn how to manage your subscriptions or send iTunes Gifts via email. If you have any other questions, visit Apple Support.
Regards, Apple.
Since the increase in the exchange rate, Nigeria has seen a reduction in online dollar purchases from app stores, content streaming platforms and paid ads. And obviously, iTunes is not left out of the dearth of online patronage from Nigeria.
In changing the transactional currency to naira for Nigerians, iTunes is seemingly towing the same line that Facebook took in October.
Suggested read; Facebook is testing advert rates in Naira. The implications for Nigerians
Like the Facebook case, it is probable that the naira rates are still going to be calculated at the normal dollar to naira exchange rates.
Still I wonder how iTunes hopes to navigate the hurdles of Dynamic Currency Conversion(DCC). Are they going to use Flutterwave or do they already have a Nigerian naira account?
These are questions that are bothering me, but in the meanwhile, we will wait and see how this new development pans out.
