Nigerians have lamented as 4 banks have stopped dollar transactions on naira card and urged their customers to open a domiciliary account if they wish to carry out international transactions.
This move has and will affect a lot of Nigerians, in terms of paying for Ads, iTunes/Apple products, Netflix, Amazon Prime, shopping or any service that charges in dollars.
Zenith Bank
Zenith bank recently joined the league, in a message citied by The Herald; the bank announced it had stopped dollar transactions on naira cards.
Guaranty Trust Bank (GTB)
Guaranty Trust Bank Plc has also halted international transactions on its naira-denominated Mastercard.
This suspension, according to the bank, will take effect on December 31, 2022, when the bank will no longer support international online and point-of-sale transactions on such cards.
According to the bank, its dollar cards will continue to support international transactions.
It informed its customers in a letter, “Dear customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective December 31, 2022,” it said.
“Kindly note that you can use your GTBank dollar card for all your international spending needs requirements.”
GTB also stated that its dollar card allows daily ATM withdrawals of $1,000 or the equivalent in the transaction’s local currency, with no limit on international PoS or online transactions.
Standard Chartered Bank
Standard Chartered Bank announced in July, 2022 that international transactions on its naira visa debit card had been suspended.
It said, “Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended.
“International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.”
Frist Bank
First Bank announced in September, 2022 that international transactions on its naira Mastercard virtual card and visa prepaid naira card would be suspended effective September 30, 2022.
It has said, “Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.
“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.”
Spending limit
The financial institution had reduced the monthly international spending limit on naira cards from $100 to $20 in March, 2022.
It also temporarily halted international transactions at ATMs and point-of-sale (POS) terminals.
READ ALSO: 2023 general election: Who are you voting for?
Sigh
the economy keeps getting worse