Several Nigerian commercial banks have introduced fresh restrictions on international transactions using naira-denominated cards, as foreign-exchange pressures continue to affect access to dollar-related services.
Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank (GTBank) are among lenders reported to have reviewed their international card services, affecting overseas ATM withdrawals and foreign-currency payments.
Standard Chartered reportedly restricted the use of its naira debit cards to local transactions, while Stanbic IBTC advised customers requiring international payments to use foreign-currency cards linked to domiciliary accounts.
GTBank also reviewed its international card services, including restrictions on overseas ATM withdrawals and adjustments to spending limits on naira cards.
The measures could affect Nigerians travelling, studying or living abroad who rely on local bank cards for international payments and access to funds.
Customers with regular foreign-currency needs may increasingly have to rely on domiciliary accounts and dollar-denominated cards for overseas transactions.
The latest restrictions come amid continued pressure on Nigeria’s foreign-exchange market, with banks facing challenges in meeting demand for international card transactions.
Credit: PUNCH Newspapers