Banks Lift Suspension Of International Transaction On Naira Cards

Nigerian banks are beginning to lift the embargo placed on the use of naira cards for international transactions almost a year after they suspended the service.

Wema Bank on Friday told its customers they can begin to use their naira master cards for international transactions.

“It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.,” Wema Bank said in a message to customers.

But the bank maintained a monthly transaction limit of $500.

“You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending. For your international transactions, you can enjoy up to $500 per month,” Wema said

Following Nigeria’s foreign exchange crunch that lingered for years, banks began to suspend the use naira card for international transactions.

Okay.

First Bank of Nigeria Limited, had, on September 30, suspended international transactions on its naira Mastercard, citing “current market realities on foreign exchange.”

GTBank suspended online and PoS transactions with naira cards, effective from December 31, 2022.

Standard Chartered Bank suspended international transactions on its naira visa debit card in July 2022.

Zenith Bank Plc informed its customers that it has temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and PoS transactions.

Before the decision, banks had in March 2022 limited monthly card spending limit for web transactions from $100 to $20.

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This will increase pressure on dollar and weaken Naira.

Concurrent errors in a time like this is too much to take.

This is actually good, even in face of all the hardships and dollar rise. Some vcc startsups will close shop as we might not have need of their services. And the dollar sale for online purchase could be cheap and vary from bank to bank.

Is Gtbank included, I'm a bit skeptical about being lifted by gtb🤔

justking:
Banks Lift Suspension Of International Transaction On Naira Cards

Nigerian banks are beginning to lift the embargo placed on the use of naira cards for international transactions almost a year after they suspended the service.

Wema Bank on Friday told its customers they can begin to use their naira master cards for international transactions.

“It’s time to enjoy seamless transactions and make purchases internationally. You can now use your Naira cards, including Mastercard, ALAT Mastercard, and Visa, for international spending.,” Wema Bank said in a message to customers.

But the bank maintained a monthly transaction limit of $500.

Is Gtbank included, I'm a bit skeptical about being lifted by gtb🤔

CodeTemplar:
This will increase pressure on dollar and weaken Naira.

Concurrent errors in a time like this is too much to take.

Why do you think Biden was happy with tinubu? It's because tinubu is a puppet helping to strengthen the threatened dollar even though his actions will weaken the naira and promote inflation