- RESTRICTION ON THE USE OF NAIRA ATM CARDS ON INTERNATIONAL TRANSACTIONS HAS KICK OFF
Due to current volatility in foreign exchange market, the following banks below has started restricting their customers from use of Naira ATM card on international transactions.
- Zenth bank – Most Zenth bank customers receive the notification of the suspension on June 13 and 14.
Dear valued customer,
This is to notify you that effective Monday, June 13, 2016, your naira card will no longer be enabled for international transactions.
Please be informed that your naira denominated cards will only be used for naira transactions across all payment channels.
For international transactions, please obtain any of our dollar denominated cards from Zenith Bank branches nationwide.
Thank you for your continued patronage.
- Standard Charted bank
Standard charted bank use of Naira ATM card suspension on international transaction kicks off on 1st June.
Dear customer,
Please be informed that your Naira Dominated Debit and Credit cards will no longer be functional for international transactions effective June 1st, 2016. This is due to current volatility in foreign exchange market. Your naira denominated cards can only be used for local transactions at POS terminal, ATM and online for Nigerian retailers.
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- Diamond bank
Diamond bank suspension has long existed.
Other banks on our watch list are;
- GTBank
- Fidelity bank
- Access bank . Though they have not joined the queue but I envisage they are warming up.
Once they join, we will update this post. I will suggest that if you are customers to any of the above banks, you visit your bank, open a dollar domiciliary account and obtain dollar dominated ATM card for your international transaction.
OMG! This will bring lots of problems to the Nigeria online system. Will placing a ban on the Naira card the solution to Nigeria’s economic problems?
Hello Abuku,
To be frank, the economic situation is being worsen. Unfortunately, the ‘Ogas’ at the top do not understand this.