First Bank announces suspension of international transaction on naira cards

0

First Bank of Nigeria has announced that its naira cards will no longer be used for international transactions starting September 30.

The bank said the decision is due to current market realities on foreign exchange.

Before now, customers could use their naira debit cards to pay for any transactions but not more than $20 or $50 in a month.

First bank had in March joined other Nigerian banks to reduce their monthly international spending limit on naira cards. It at the time said due to “current market realities on foreign exchange,” it had reduced its spending limit to $50.

At the time, several banks also reduced their monthly international spending limit on naira cards. The United Bank of Africa (UBA) was first to take the decision on February 24 when it announced $20 as its new limit.

Zenith Bank informed its customers at the time that it was reducing its international spending limit on its naira cards to $20 and it was suspending international ATMs and point of sales (POS) transactions.

Guaranty Trust Bank, Sterling Bank, Union bank also said their new limit was $20 a month, while Wema Bank went a step further to end cross-border payments with Naira cards starting March 14.

Nigeria has suffered an importation-fuelled foreign exchange crisis for years, but the scarcity worsened in 2021 with Naira crashing over 30 per cent in one year. Currently, black market exchange rate between the naira and the US dollar stands at N705/$1.

As of September 19, Nigeria’s foreign reserve fell slightly to $38.5 billion, compared to $38.9 billion recorded as of August 19.

In a mail to its customers earlier on Wednesday, the bank clarified that its Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card will no longer serve customers hoping to use them for international transactions.

It urged its customers to use Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.

Customers can still use Dollar, Pounds or Euro cards for international POS, ATM and web transactions.


Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie – +2348098788999






PT Mag Campaign AD

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest  Business News Click Here 

Read original article here

Denial of responsibility! Rapidtelecast.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
Leave a comment