17 Oct 2016

Nigerian Banks Announced New Policy On ATM Cards

Several commercial banks in the country have suspended the use of their naira ATM cards abroad by their customers.

On Friday, Stanbic IBTC Bank and Standard Chartered Bank Nigeria announced that customers won't be able to use their naira cards abroad anymore. Customers also won't be able to use the cards to make online transactions, they said.

GTBank also announced the suspension of the ATM cash withdrawal service abroad. The lender also slashed its monthly ATM forex transactions to $100. Most banks have slashed their monthly foreign transaction limit to $100.

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. They could then fund the account with dollar gotten from the parallel market.

The banks said they made decisions due to the high volatility in the country's exchange rate and the scarcity of dolla

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