Update: Naira payments for Facebook ads will begin Monday, 6th of March 2017, through Visa and MasterCards only.
In 2016, Facebook began to display advert rates in Naira currency. It was a welcome development, which many expected would be different from several online payment problems, but it turned out to be disappointing like many others.
Implementing Dynamic Currency Conversion (DCC), the Facebook ad rates shown in Naira made no difference because advertisers would still end up being charged at parallel market rates, as opposed to the displayed amount. This must be why most Nigerian banks blocked such transactions by default, to avoid any issues with discrepancies in debits.
But now there's good news
Speaking during a Social Media Week event today in Lagos, Chris Cox, Chief Product Officer at Facebook, confirmed that Nigerians can now make use of their Naira cards to pay for Facebook ads. Said Chris:
The level of innovation we see in this market is amazing, as Africa's most populous company, Nigeria is an important market for us.
So it comes as no surprise that Facebook has finally found a way to enable Naira payments for Facebook advertisers.
Therefore, whatever your budget and ad duration, be assured that you can now pay with your Naira card without incurring additional charges.
Be the smartest in the room
Have you tried paying for Facebook ads in Naira? Please share your experience in the comments section below.