Three months after it reviewed downwards the existing limit on the usage of naira denominated cards for transactions overseas, the Central Bank of Nigeria (CBN), in continuation of its forex curbs, has said that such cards would not be allowed for crossborder payments 17/10/ · In a text message to its customers on Friday, Stanbic IBTC Bank similarly said, “Dear customer, kindly note that effective October 18, , your ability to carry out transactions priced in foreign currency using our naira debit and credit cards will be suspended 11/09/ · The Central Bank of Nigeria (CBN) has threatened to suspend the foreign exchange (FX) licence of any bank found to have been involved in forex malpractices. The central bank issued this threat in a circular dated Friday, September 10, , and signed by its Director of Trade and Exchange Department, Dr O.S. Nnaji
Forex Crisis: Banks Stop Use Of Naira Debit Cards Abroad
Bank suspend use of naira card for forex based in Nigeria have begun suspending their Automated Teller Machine cards debit and credit from working overseas as dollar scarcity continues to hit the economy badly. Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank on Friday announced the suspension of their overseas ATM card services.
Also suspended by the banks are online transactions priced in foreign currencies. This means that customers of the banks will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, bank suspend use of naira card for forex, euros, pounds sterling and other foreign currencies.
Your naira-denominated debit cards can only be used for local transactions at Point of Sale terminals, Automated Teller Machines and online for Nigerian retailers. We apologise for any inconvenience in this regard. Both Stanbic IBTC Bank and Standard Chartered Bank Nigeria advised customers seeking to carry out transactions denominated in foreign exchange to apply for dollar or pounds sterling debit credit cards.
GTBank also announced the suspension of the ATM cash withdrawal service abroad. Kindly note that ATM cash withdrawal on your naira MasterCard is now only available in Nigeria. The development will make students studying in the United Kingdom, United States, Canada, Ukraine and other parts of the world to face more challenges getting their monthly stipends from their parents.
Most of the students had relied on the ATM card withdrawal to get their monthly stipends from their parents before now. This means customers seeking to do foreign transactions will have to open domiciliary accounts and fund same with dollars, pounds or euros purchased from the parallel market at the prevailing exchange rates. Although other banks have yet to announce the suspension of ATM card services abroad, findings by our correspondent showed that many lenders had reduced drastically the amount that customers could withdraw via ATMs abroad.
This is despite the fact that the banks have in the past few months reduced the monthly total amount of forex-denominated transactions that customers can do, using their naira debit or credit cards via ATMs and PoS terminals abroad as well as online payments or transactions.
Top banking officials close to the development told our correspondent under the condition of anonymity that banks were increasingly finding it difficult to fund their foreign-currency denominated services, especially online forex transactions and overseas ATM withdrawals, bank suspend use of naira card for forex, as well as PoS usage overseas by customers. Formerly, we were sourcing forex at high prices and we were selling same to customers at similarly high prices.
But the situation is now tense; the dollar scarcity has bank suspend use of naira card for forex a new dimension. It is high time we stopped it. The Director, Banking Supervision, CBN, Mrs. We have decided to take the step now to enforce the rule. So, we want members of the public to remember that that rule is in place.
This means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira. He said the Federal Government needed political will to address the issues fuelling dollar scarcity on the economy.
It is predicated on the fact that we are a dollar-denominated economy. It appears the government is still begging issues as far as the import-dependent state of our economy is concerned. We need to plug leakages in this area. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Facebook Twitter LinkedIn Tumblr Pinterest Reddit VKontakte Odnoklassniki Pocket.
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, time: 7:44Nigerian Banks suspend ATM card usage abroad, online transactions » Flatimes
11/09/ · The Central Bank of Nigeria (CBN) has threatened to suspend the foreign exchange (FX) licence of any bank found to have been involved in forex malpractices. The central bank issued this threat in a circular dated Friday, September 10, , and signed by its Director of Trade and Exchange Department, Dr O.S. Nnaji 17/10/ · In a text message to its customers on Friday, Stanbic IBTC Bank similarly said, “Dear customer, kindly note that effective October 18, , your ability to carry out transactions priced in foreign currency using our naira debit and credit cards will be suspended 17/10/ · She said, “In the CBN’s move to manage the demand for forex, there was a rule that was put in place that people were not allowed to withdraw more than $50, annually on their naira debit cards. “For a while, the policy has been abused by bank
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