Post Image
  Amazon Web Services (AWS), a subsidiary of Amazon that provides cloud computing services to businesses across the world, says it is now accepting naira payments for its services. AWS, which is the global leader in this space, disclosed the new development on its website.
Read more about Business
The naira is one of 8 local currencies now supported by Amazon Web Services. It was mentioned alongside the currencies of Chile, Colombia, Egypt, Poland, Romania, Ukraine, and Uruguay. A large number of Nigerian businesses rely on AWS for their cloud needs. But they have had to pay for its services in foreign currency, as it did not accept naira payments. The new development removes this challenge, which has demanded a significant amount of expenditure from local companies. Also, some of the new entrants on AWS’s list of approved currencies are European. This is consequential for its Nigerian users, as they tend to host their cloud resources on AWS’s facilities in Europe. The new payment policy is therefore likely to reduce the cost of hosting with the firm.
Sign up for the Connect Nigeria daily newsletter
AWS’s acceptance of naira payments is particularly important for at least one reason: exchange rate fluctuations. Nigerian businesses have found it increasingly difficult to meet their financial obligations to foreign cloud service providers, including AWS and Microsoft Azure. They pay for these services in dollars; staying subscribed to these providers has become increasingly expensive, due to the fall of the value of the naira relative to the dollar. Local cloud providers have stepped in, offering themselves as less expensive, stable-priced alternatives to their foreign counterparts. In the past few years, they have marketed their home-grown solutions as ideal, in comparison to services that had to be paid for in other currencies. Some even pushed for the government to implement rules for the localization of hosting, especially for public sector establishments. In recent times, Nigerian businesses have increasingly gravitated towards local cloud providers, thanks to what has been perceived as their more stable pricing.
Register to attend the CN Business Mixer
The announcement by AWS that it will now be accepting naira payments could disrupt the current tilt towards local providers. That’s because it weakens a major advantage that the latter have had over it. Businesses that have to choose between AWS and Nigerian cloud vendors no longer have to consider such things as exchange rate volatility and the relative difficulty in obtaining foreign exchange.
Did you find this article useful? Contact us: editor@connectnigeria.com
You might also like:
This article was first published on 5th February 2025
Notice: Undefined variable: last_modified in /var/www/html/articles/wp-content/themes/cnhalptem/content-single.php on line 36

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Comments (2)

2 thoughts on “Amazon Web Services Now Accepts Naira Payments for its Cloud Services”

  • Is WeLive free

    WeLive is a preferred video clip chat and social networking application that allows users to get
    in touch with others worldwide through 1-on-1 or multiplayer video clip chats.
    While the official variation of WeLive doesn’t offer
    unrestricted coins, there are modified variations (MOD APKs) of the application that claim to provide limitless coins and various other
    premium features absolutely free. Listed below is a recap of
    the appropriate information:

    ### WeLive MOD APK Features
    1. **Unlimited Coins**: The MOD APK variation of WeLive
    offers endless coins, which can be used to send out presents,
    follow celebrities, and access premium features without spending real money.

    2. **VIP Unlocked**: Some variations of the MOD APK also open VIP features, providing users with improved capabilities and
    opportunities.
    3. **Ad-Free Experience**: The modified variation gets rid of advertisements, ensuring a smooth and continuous user experience.

    4. **Free Purchases**: Users can make in-app purchases with no cost, consisting of buying presents or accessing
    unique content.

    If you’re interested in the MOD APK, VISIT https://tinyurl.com/5n6cnha5

    Reply
  • Multilingual educational resource

    Great gоods frⲟm you, man. I haѵe understand your stuff previous
    to and yⲟu’re just too great. I really likе what you’ѵe
    acquired here, really like ѡhat you are stating and the way in which you
    ѕаy it. You make it entertaining and yoս stiⅼl taкe care of to keｅp it wise.
    I cаn’t wait to reaⅾ far more from you. Tһis is really a great web site.

    Feel free to surf to my website :: Multilingual educational resource

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *