CEM REPORT, FINANCE | First Bank of Nigeria has announced that Naira cardholders will no longer be able to perform international transactions with such cards from the 30th of September 2022.
The bank says for customers who wish to perform and complete international transactions such would be required to obtain multicurrency cards, which allow them to spend up to $10,000.
The bank revealed this in a message to its customers.
“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 September 30, 2022.
“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.”
This move of the bank can be traced to the scarcity of foreign exchange (forex) in country.
Recent reports reveal that commercial banks in the country now opt for electronic transfer of forex into accounts of forex users instead of cash disburse due to a shortage in supply.
Commercial banks in the country have struggled to meet the FX demands of their customers due to a shortage in supply despite the prices of crude oil rising in the global market.
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However the Central Bank of Nigeria (CBN) has maintained that those who genuinely need forex should go through the official market, which is primarily the commercial banks.