More Banks Suspend International Transactions On Naira ATM Cards Today Following Dollar Scarcity - The Source

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More Banks Suspend International Transactions On Naira ATM Cards Today Following Dollar Scarcity

The Source by The Source
January 9, 2023
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ATM, coronavirus


INDICATIONS have emerged that an increased number of the banking public will be unable to use their bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals, Point of Sale (POS) transactions, and web transactions with effect from today as more banks join the suspension train.

However, a top bank executive who did not want his name mentioned, said “This is not a new phenomenon. Banks do this from time to time. This is to ration available foreign exchange. It has nothing to do with the current situation. This started last year whereby any transaction above $20 was not successful.”

Only last week, Zenith Bank joined the league of Nigerian banks that have suspended international transactions on Naira cards.

Zenith Bank said its customers would no longer be able to carry out any international transaction on their Naira ATM cards effective from today.

This is coming barely a week after GTBank made the same announcement.

Guaranty Trust Bank Plc on Thursday, December 29, 2022, sent a mail notifying its customers that their Naira-denominated Mastercard would no longer be allowed for foreign transactions from December 31, 2022.

Stakeholders said this announcement further compounds the troubles of many Nigerians who shop online from international stores such as Amazon, and Apple Music, among others as they would no longer be able to pay with their Naira cards.

In a notice to its customers on Thursday Zenith bank said, “Please be informed that you will be unable to use your Zenith Bank Naira cards for international Automated Teller Machine (ATM) cash withdrawals, POS transactions, and web transactions with effect from Monday, January 9, 2023.

“If you have international spending requirements, simply visit any of our branches and request a foreign currency debit or prepaid card, which are available in US Dollars, Pounds, and Euros variants.”

Banks may have opted for this step in order not to be caught unawares in the event of a depreciation of the Naira, as witnessed late last year.

Naira depreciation means the banks would have to make provisions in Naira than planned.

At the peak of the foreign exchange liquidity crisis in the country, some Nigerians engaged in round tripping, by depositing Naira and withdrawing it as foreign exchange abroad.

The banks have been complaining of dollar shortages and have introduced various policies to reduce the demand pressure.

It should be remembered that in March last year, most Nigerian banks announced a $20 spending limit on international transactions using Naira debit cards. This was because of a longstanding scarcity of foreign exchange and the Central Bank of Nigeria’s strict capital outflow regime.

In July, Standard Chartered Bank announced it has suspended international transactions on its Naira visa debit card.

In September, First Bank also announced the suspension of international transactions on its Naira Mastercard virtual card and visa prepaid Naira card from September 30.

“Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions.

“This will take effect on September 30, 2022,” First Bank said in a statement to its customers.

Flutterwave, Eversend, and other fintech platforms had also stopped virtual card services for international transactions.

The banks expect frequent travellers in the country to come up with alternatives. For frequent travellers or those with dependants abroad, they could decide to open a domiciliary account and get a dollar denominated card. POS and web transactions are not affected. They could also decide to travel with cash.

GT Bank Plc, Fidelity Bank Plc and Stanbic IBTC Bank are some of the banks said to have reportedly suspended withdrawal.

Nigeria relies on crude oil revenue, as its major source of foreign exchange. A drop in dollar liquidity led the CBN to instruct banks to suspend and banned several items from the official foreign exchange market.

 

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