Banks in Nigeria have recently stopped customers from using naira cards for online and Point of Sale (PoS) transactions abroad.
Additionally, there are now limits on how much a customer can withdraw from offshore ATMs using dollar cards.
In its message to customers, the bank also stated that only dollar cards will be allowed for online transactions, although spending limits are set at $1000 daily or equivalent in Naira.
In the note titled “Update on Your Naira Card for International Spending”, the bank said: ”We write to inform you that you will no longer be able to use your Naira Mastercard for international Oline and POS transactions effective 31st December 2022. Kindly note that you can use your GTBank dollar card for all your international spending requirements”.
The card restriction by banks is aimed at helping the country conserve foreign exchange for economic purposes.
Article updated 6 days ago. Content is written and modified by multiple authors.
