This means customers using the GTBank mastercard can no longer use their naira debit cards to pay for transactions originated in foreign currency.
Nigerian Banks had in March reduced their monthly international spending limit on naira cards citing “current market realities on foreign exchange.”
The banks gradually reduced their monthly international spending limit on naira cards from $100/$120 to $50/$20.
In September, several banks suspended international transactions on naira cards. GTB announced its decision on Thursday.
Read Their Statement On The Email Inbox As Obtained By NaijaCover Below:
“Dear Customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective 31st December 2022. Kindly note that you can use your GTBank dollar card for all your international spending requirements,” the bank said in an emailed memo.
“According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction’s local currency. It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit,” it said.
Nigeria has suffered an importation-fue
As of December 28, Nigeria’s foreign reserve fell to $37billion, compared to $37.1 billion recorded as of November 28.
Ajibola Ayokunnu Ishola
I complained bitterly to them, they said only two optional.
1. You must request for a dollar card which the minimum balance must be 40dollars. Which means if you have $41 on it, you'll only be able to spend $1 to have $40 balance. The second option is to open a domiciliary account. Whatever that means. Then you'll need two guarantors who operates current account with their bank.
In fact for the reason of no international transactions, I became fed up of both the government and the country. Just managing it for now.
