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Most Banks Limits/Suspend Intl' Usage of Naira Cards; FBN Remains Only Bank Able to Sell FX to BDCs

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Monday, October 17, 2016/ 01.28 PM /News

As the foreign exchange liquidity issue continues to linger, banks have continue to review and modify their international usage of naira debit cards.

Effective 14th October 2016, bank customers will not be able to carry out cross border transactions or transactions priced in foreign currency using their Naira debit, credit and prepaid cards as they will remain suspended.

It is pertinent to state that this only applies to Naira denominated international cards while affected customers can request for dollar denominated credit, debit and prepaid cards.

At the end of September 2016, we issued an update of “Bank Modification to International Spend Limits on Naira Debit Cards” which was expected to take effect on October 1st, 2016.

Currently, First Bank remains the only bank able to sell FX to licensed BDCs to meet valid customer needs as the CBN has stopped the sale of FX by other banks to BDCs in a new directive issued recently. It gets more interesting as it confuses.

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