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How to Redeem Gift Cards, Gift Card Rates in Nigeria

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gift cards - Investors King

Here is a step-by-step guide on how to redeem gift cards in Nigeria in 2021 and gift card rates in Nigeria

Persistent dollar scarcity in Nigeria has forced many import-dependent businesses to seek alternatives to traditional means of purchasing foreign products and payment for those products.

One of the several alternatives adopted by small import companies operating in Nigeria is gift cards. However, because of scams perpetrated by few fraudulent individuals, navigating this new terrain or niche required a guide.

To dive into how to beat fraud and exchange your gift cards to Naira in minutes, let’s first understand what gift cards are!

What Are Gift Cards

Gift cards are prepaid debit cards with a preloaded specific amount for the purchase of items.

Here is How a Gift Card Works

Since gift cards are prepaid debit cards loaded with funds for future purchases, the two types of gift cards, the open-loop and the closed-loop cards can be used online and in person.

Here are the differences between Open and Closed Loop Gift Cards

Open-loop gift cards can be used at many merchants, like regular debit cards while closed-loop gift cards are good at just one retailer.

Please note that closed-loop gift cards are usually not reloadable.

For many gift cards, there is a stipulated minimum and maximum initial loading amount, the usual minimum is $10 and a common maximum is $500. In some situations, they can be used to pay for a portion of purchase with cash, debit, or credit used to balance the expense. As a precaution to mitigate the risk of losses, many gift cards can also be registered online — a strategy that allows the remaining balance to be tracked and frozen if a card is lost. In this way, some gift cards are safer than cash.

Gift cards can be used to purchase items online and in physical stores where gift cards are accepted. For example, a bearer can use the apple gift card to buy apps, music, books, etc and also at any retail store that accepts gift cards.

How to Redeem Gift Cards to Naira

Apexpay.org, Nigeria’s fast-growing gift cards exchange company, is the leading gift card exchange platform online.

  • Visit https://www.apexpay.org
  • Click on get started and
  • Initiate a sell order via WhatsApp chat.
  • Discuss all the modalities and submit your bank account details
  • Receive your payment in minutes.

Apexpay has developed a system that eases the burden and closes the gap that exists in the exchange industry by ensuring safe and secure platform for both seller and buyer.

The Most Popular Gift Cards in Nigeria this Year

Amazon Gift Card
Visa Gift Card
Walmart Gift Card
Target Gift Card
Starbucks Gift Card
eBay Gift Card
American Express Gift Card
iTunes Gift Card
Google Play Gift Card
Amex Gift Card
Sephora Gift Card
Best Buy Gift Card
Gamestop Gift Card
MasterCard Gift Card
Nordstrom Gift Card
Apple Store Gift Card
Steam Gift Card
Macy Gift Card
Vanilla Gift Card
Nike Gift Card
Offgamers Gift Card
Home Depot Gift Card etc.

Gift Card Rates in Nigeria Today – Naira Gift card rates per $100
Footlocker                                      35,000
Mastercard                                    34,000
Amex                                              34,000
Google                                            33,000
iTunes                                            32,000
Bestbuy                                          32,000
Nordstrom                                    30,000
Macy                                              30,000
Sephora                                         30,000
Steam                                            30,000
Visa                                                30,000
Amazon                                         30,000
eBay                                               30,000

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Business

Nigeria’s Paper Import Bill Hits $3 Billion Annually, Reveals FAE Limited MD

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Funlayo Okeowo, the Managing Director of FAE Limited, a prominent paper manufacturing firm, has disclosed that Nigeria’s annual expenditure on paper imports stands at $3 billion.

Okeowo made this revelation during a recent press conference held in Lagos to commemorate the company’s 50th anniversary.

Addressing reporters, Okeowo explained the crucial role of manufacturing in driving economic growth and underscored the challenges faced by the sector, particularly concerning operational costs.

She highlighted that a significant portion of manufacturers’ profits, up to 80%, is being consumed by diesel expenses, making it increasingly difficult for businesses to remain profitable.

Expressing concern over the financial strain faced by manufacturers, Okeowo called upon the government to take decisive action to alleviate the burdens faced by the industry.

She emphasized the need for policies and interventions aimed at reducing operational costs and fostering a conducive environment for manufacturing growth.

In addition to addressing the pressing issues surrounding manufacturing, Okeowo also unveiled plans for the establishment of ‘World Envelopes Day,’ an initiative aimed at raising awareness about the significance of envelopes in various aspects of human communication and expression.

The initiative, set to be celebrated annually on April 16th, reflects FAE Limited’s commitment to promoting the cultural and practical importance of envelopes in society.

As part of the company’s anniversary celebrations, FAE Limited will host a special roundtable event featuring key stakeholders from diverse sectors to discuss the past, present, and future of the paper manufacturing industry in Nigeria.

This event is expected to provide valuable insights and recommendations for driving

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Business

Economist Intelligence Unit Warns Indigenous Oil Companies of Investment Gap

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Oil

The Economist Intelligence Unit (EIU) has issued a cautionary note to indigenous oil companies eyeing the acquisition of assets from divesting international oil companies, warning them of potential investment challenges.

In its latest Country Report on Nigeria, the EIU underscored that local companies may not match the financial prowess of multinational firms, historically significant players in Nigeria’s oil industry.

Citing concerns over Nigeria’s business environment, characterized by corruption, insecurity, and infrastructure deficits, the EIU projected a possible net withdrawal of foreign direct investment (FDI) in 2024, following a similar trend observed in the previous year.

The report pointed to multinational corporations scaling back or exiting Nigeria altogether, exacerbating the economic landscape’s challenges.

Foreign oil companies, including Shell, ExxonMobil, Equinor, and TotalEnergies, have announced plans to divest their onshore oil assets, signaling a shift toward offshore operations.

This trend aligns with the broader industry shift and poses significant implications for indigenous players.

While government officials like the Minister of State for Petroleum, Heineken Lokpobiri, view these divestments as opportunities for local capacity development, concerns remain over indigenous firms’ ability to fill the investment void left by departing multinationals.

The EIU emphasized the positive potential for local participation in the sector’s indigenization, but cautioned that indigenous companies might struggle to match outgoing multinationals’ investment capabilities.

This warning underscores the imperative for strategic planning and support mechanisms to ensure indigenous firms can navigate the evolving landscape and contribute meaningfully to Nigeria’s oil industry sustainability.

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Appointments

Heirs Technology Appoints Obong Idiong as Chief Executive Officer (CEO)

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Obong-Idiong

Heirs Technology, the latest subsidiary of investment powerhouse Heirs Holdings, has announced the appointment of Obong Idiong as its Chief Executive Officer (CEO).

This move marks a significant step in the company’s mission to spearhead Africa’s digital transformation through innovative and locally tailored solutions.

Idiong, who previously served as the Managing Director/CEO at Africa Prudential Plc, brings a wealth of experience and a visionary approach to his new role.

During his tenure at Africa Prudential Plc, he led the digital transformation of its registrar services, positioning the company as a technology-driven organization.

His track record of success and expertise in the technology sector make him well-suited to lead Heirs Technology into a new era of growth and innovation.

In his statement following the appointment, Idiong expressed pride in bringing Heirs Holdings’ core values and business approach to the tech sector.

He highlighted the company’s commitment to excellence, execution, and enterprise, aiming to bridge the gap in the technology ecosystem by delivering local relevance to a global market and offering cutting-edge solutions to enhance competitiveness.

Also, Dr. Fumbi Chima has been appointed as the Chair of Heirs Technology. With her extensive experience in technology leadership roles across global organizations, including Adidas, Fox Network Group, and Walmart, Chima brings a wealth of knowledge and insights to her new role.

She expressed enthusiasm for the opportunity to unlock Africa’s potential through Heirs Technology, confident that the company will make a meaningful impact on the continent’s digital landscape.

Heirs Technology’s strategic appointments underscore its commitment to driving Africa’s digital agenda forward and positioning the continent as a leader in technology innovation and entrepreneurship.

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