This is good news for advertisers in Nigeria as Chris Cox, Facebook’s chief product officer has announced that the social networking company is now accepting payment for advertisement in naira. This is coming shortly it opened up paid live broadcasting to the general public.
In case yours is still showing in USD, no need to panic. Usually, when Facebook introduces an update, a few users are granted first access for an unspecified period. If the update achieves satisfactory results, other users are then allowed access.
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. According to 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.”
“With 8.6 million people in Nigeria using Facebook on mobile every day, Facebook is a great place for businesses to reach their customers and market their products and services.
“We are listening to our community of partners, developers, advertisers and content creators to understand what we can build to best serve their needs.”
He said Facebook had been working to offer new payment options to make its ads more accessible for all advertisers.
Cox also said Facebook would kick off ‘Boost Your Business’, a series of free training sessions, from March 8, 2017.
He explained that the training sessions were designed to help thousands of Nigerian small business owners understand how to leverage digital platforms for growth.
Sheryl Sandberg, Facebook’s chief operating officer, said the company has over four million advertisers, which signifies the growing importance of mobile to consumers and marketers.
Sandberg said while the majority of advertisers on Facebook were small and medium-size businesses, many small businesses still needed to catch up.
The past few months has seen many businesses in Nigeria not been able to run any form of an advert on Facebook. Reason has been that the naira value is a dynamic currency conversion (DCC) which is at forex conversion and not at bank rate. And since CBN rate is not favorable to the banks, they decline any DCC transaction.
Therefore, whatever your budget and ad duration, be assured that you can now pay with your Naira card without incurring additional charges.
Have you tried paying for Facebook ads in Naira? Please share your experience in the comments section below.