Nigeria’s leading financial institution, First Bank of Nigeria, says it will suspend international transactions on its naira Mastercard from September 30.
Financial institutions had in March reduced international spending limit on naira cards from $100 to $20 monthly.
First Bank in a recent statement to its customers, said such transactions would not be available on its naira credit card, virtual card and visa prepaid naira card.
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“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 30 September 2022,” First Bank said.
“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.”
In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.
Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions.
Source: Cable
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