In the bid to force bank customers to start acquiring foreign currency dominated ATM cards for their international transactions, some commercial banks operating in the country have finally put a complete suspension on the usage of their Naira MasterCard for international transactions.

And what that entails is that aside from being unable to use their Naira MasterCard/VISA cards while abroad both on POS and ATM withdrawals, their customers will also no longer be able to use their cards for any online foreign transactions even if they are doing so from Nigeria.

No doubt that this move is going to affect customers of those banks card holders negatively, especially those who still rely on their Naira dominated cards for foreign online transactions.

The 6 banks affected and that have just issued statement as regards to that include;

1. Diamond Bank
2. Unity Bank
3. Access Bank
4. Eco Bank
5. United Bank for Africa (UBA)
6. Stanbic IBTC Bank

Is your bank included among the 6?

Source: http://highteknology.com/2016/10/see-6-banks-that-you-can-no-longer-use.html

Seriously?

micfoley:
Seriously?

yes over serious!

I was so sure they no born Gtb bank well....

Seriously, this is like deadly blow on my face because I just
opened diamond account so I can use it for my int'l transactions.

Can't Shout!

imrandbest:
Seriously, this is like deadly blow on my face because I just
opened diamond account so I can use it for my int'l transactions.

Can't Shout!

Sorry

imrandbest:
Seriously, this is like deadly blow on my face because I just
opened diamond account so I can use it for my int'l transactions.

Can't Shout!

Na number one for the ban list..

It is very annoying indeed.
Diamond and Stanbic banks notified me via email about the suspension.

Really? i just acquired a UBA Africard with a hope that its gonna work since my ECOBANK Naira MasterCard has recently failed, so even the Africard will not work? if i load the card on Monday and it fails, then ZENITHBANK Dom account is the only option i have here... God!

This is serious, pendulum govt is at it again

It's not a bid to force customers to open international accounts its a CBN ban, thier rates even on PayPal is unfriendly

Expect more banks to join the list...

7. GTB (Offshore ATM withdrawal stopped)
8. Union Bank

Cc: duduade

All thanks to the senseless economics policies presently on ground, policies which Emir Sanusi has consistently condemned.

Stop subsidising dollars! As long as the massive disparity between the official rate and black market continues , shortages will abound because no one will want to supply forex at 310 when he can get 470 at the black market.

Also, demand at the official rate will be excessive since it's underpriced by genuine users, hoarders and round trippers.

What will cost to have a dollar card

pat077:
What will cost to have a dollar card

$30. $20 for the card and $10 for annual maintenance fee. Though for some banks you need a dorm account first before you can get it.

Wema should be included in that list

Chai! Diamond Bank has killed personsl o

Most Banks Limits/Suspend Intl' Usage of Naira Cards; FBN Remains Only Bank Able to Sell FX to BDCs

As the foreign exchange liquidity issue continues to linger, banks have continue to review and modify their international usage of naira debit cards.

Effective 14th October 2016, bank customers will not be able to carry out cross border transactions or transactions priced in foreign currency using their Naira debit, credit and prepaid cards as they will remain suspended.

It is pertinent to state that this only applies to Naira denominated international cards while affected customers can request for dollar denominated credit, debit and prepaid cards.

At the end of September 2016, we issued an update of “Bank Modification to International Spend Limits on Naira Debit Cards” which was expected to take effect on October 1st, 2016.

Currently, First Bank remains the only bank able to sell FX to licensed BDCs to meet valid customer needs as the CBN has stopped the sale of FX by other banks to BDCs in a new directive issued recently. It gets more interesting as it confuses.

https://www.proshareng.com/news/FOREX/Most-Banks-Limits-Suspend-Intl--Usage-of-Naira-Cards--FBN-Remains-Only-Bank-Able-to-Sell-FX-to-BDCs/32607

cc: lalasticlala, dominique, Mynd44