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Nigerian Leading Banks Bans Use Of Bank Cards Abroad

Two leading Nigerian banks have banned customers from using their debit and credit cards abroad, as the country faces a shortage of foreign exchange.

Both First Bank and Guarantee Trust emailed customers informing them of the ban, but did not give reasons for the decision.

nigerian-atm-usage-abroadAccess to foreign online retailers has also been significantly reduced for cardholders.

Similar measures were taken earlier this year by the central bank as part of the government’s effort to stem the flow of foreign exchange out of Nigeria.

The value of the country’s currency, the naira, has plunged because of the fall in the oil price – its main export.

Many wealthy Nigerians use their local cards for shopping and other transactions when abroad.

Some top-end shops in London have signs in the Hausa language to cater for the large number of Nigerian customers.

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One thought on “Nigerian Leading Banks Bans Use Of Bank Cards Abroad”

  1. they sha didn’t email me. it just keeps saying ‘daily limit exceeded.’ oh! and the funny thing is they send me emails regarding my monthly limit as well. just so funny. my brother’s zenith bank started doing that in June and my UBA is also not working so I don’t think it’s just those 2 banks

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