Nigerian Banks suspend International Use of ATM Cards

The foreign exchange crisis hitting the economy has assumed a new dimension with Banks announcing the suspension of overseas Automated Teller Machine card services and online transactions denominated in foreign currencies.

Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly.

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Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank last Friday announced the suspension of their overseas ATM card services.

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Also suspended by the banks are online transactions priced in foreign currencies.

This means that customers of the banks will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, euros, pounds sterling and other foreign currencies.