As the country faces a shortage of foreign exchange, several Nigerian banks have banned customers from using their debit and credit cards outside the country, BBC reports. The banks which include First Bank and Guarantee Trust e-mailed their clients notifying them of the ban. Nigerian Bulletin also reports that on Friday, October 14, Stanbic IBTC Bank and Standard Chartered Bank Nigeria announced that customers will be unable to use their naira cards and won’t be able to use the cards to make online transactions outside the country.
Admission to online retailers outside the country has also been abridged for cardholders. GTB also slashed its monthly ATM forex transactions to $100 as most banks have reduced their monthly foreign transaction to the same amount. However, customers who intend to make financial transactions in dollars or other foreign currency will now have to apply for a dollar card or open a domiciliary account. The banks said they made their decisions due to the high unpredictability in the country’s exchange rate and the scarcity of dollar. The value of the naira, has fallen because of the fall in the oil price which was the main source of income.
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