Zenith Bank and Guarantee Trust Bank have suspended international transactions on naira cards.
Zenith Bank in a notice said its customers will no longer be able to carry out any international transaction on their naira Automated Teller Machine (ATM) cards effective from January 9th, 2023. This is coming barely a week after Guarantee Trust Bank made the same announcement, which took effect on January 1.
This announcement further compounds the troubles of many Nigerians who shop online from international stores such as Amazon, and Apple Music, among others as they will no longer be able to pay with their naira cards.
Zenith Bank’s announcement increased the number of banks that have suspended international transactions on naira cards to 4, including First Bank and Standard Chartered Bank.
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Recall that in March last year, most Nigerian banks announced a $20 spending limit on international transactions using naira debit cards due to the scarcity of foreign exchange and the Central Bank of Nigeria’s strict capital outflow regime.
In July, Standard Chartered Bank announced it has suspended international transactions on its naira visa debit card.
In September, First Bank also announced the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card from September 30.
Flutterwave, Eversend, and other fintech platforms had also stopped virtual card services for international transactions.
