Business

Nigerian Banks Move to Block Use Of Naira Cards Abroad

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Deposit Money Banks in the country have commenced a process to stop all customers from using their ATM cards for dollar-denominated transactions when they travel abroad with effect from January 1, 2016.

Naira-denominated ATM cards will also be blocked from making local transactions denominated in forex.

This means bank customers will not be able to use their cards to buy products from foreign e-commerce sites like e-bay and amazon.com in which payments are made in forex.

Nigerians living abroad will also be unable to use their cards like they normally do in the past.

Already, Standard Chartered Bank has notified its customers that the new development will come into effect from January 1, 2016.

Other banks have also stopped customers from using their ATM cards abroad but had yet to officially communicate this to them.

Farouk Mohammed

Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng
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