Naira card, Banks suspends overseas transactions.

Collins Okoye

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Naira card, Banks suspends overseas transactions.
Posted on: December 31, 2022, 05:59:25 AM
Several Nigerian institutions, including Guaranty Trust Bank Plc, have halted naira-denominated Mastercard transactions.

For international e-commerce and POS transactions, the bank will no longer provide services from December 31, 2022. The bank confirmed that foreign purchases made with its dollar cards would continue to be supported.

This information was sent out in a letter to all of its clients. We regret to inform you that as of December 31, 2022, your Naira Mastercard will no longer be valid for usage in international online and POS transactions. Please be advised that your GTBank dollar card can be used to meet all of your overseas purchasing needs.

There is no daily restriction on overseas Point-of-Sale or online purchases, and the bank notes that its dollar card permits ATM withdrawals of $1,000 or the equivalent in the local currency of the transaction.

The Standard Chartered Bank said in July that it would no longer allow using its naira visa debit card for overseas purchases.

Foreign purchases made with our Naira Visa Debit Card will be temporarily disabled as of August 1, 2022. The monthly limit on foreign purchases made with our Standard Chartered Bank credit card has not altered, and the same holds for our Foreign Currency Debit Cards.

First Bank said on September 30 that its naira Mastercard virtual card and naira visa prepaid card would no longer be able to be used for foreign transactions.

The Naira Mastercard, Naira Credit Card, our Virtual Card, and the Visa Prepaid Naira Card will no longer be accepted for overseas transactions, the company has said. The effective date of this change is September 30, 2022.

To continue making purchases in foreign currency with limitations of up to $10,000, please utilize your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, or Visa Gold Credit Card.

Naira debit card users have had a daily spending cap of $20 on overseas transactions implemented by most Nigerian banks in March. This was due to the Central Bank of Nigeria's stringent capital outflow regulation and the persistent shortage of foreign money.

Using naira cards to make purchases on overseas sites like Apple Music has proven difficult for many Nigerians since the new year.

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