Zenith Bank has announced that it will suspend international transactions on its naira cards from today, January 9, 2023 due to the foreign exchange scarcity that the country has been battling with.
The bank made the announcement via an electronic notice to all its customers as it join other commercial banks in the country that have stopped international transactions out rightly on naira cards.
The financial institution had overturned its monthly international spending limit on naira cards from $100 to $20 and also temporarily suspended international transactions on automated teller machines (ATMs), and point of sale (POS) channels in March 2022.
In the latest announcement, Zenith Bank said its customers will not be able to use its naira cards for international cash withdrawals, including web and POS transactions.
“Please be informed that you will be unable to use your Zenith Bank naira cards for international automated teller machine (ATM) cash withdrawals, POS transactions and web transactions with effect from Monday, January 9th, 2023,” the notice reads.
“If you have international spend requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US dollar, pounds and euro variants.”
Zenith Bank joins other Nigerian Banks like Guaranty Trust Bank (GTBank) who stopped international transactions on its naira Mastercard in December 2022.
“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.
In July 2022, Standard Chartered Bank suspended international transactions on its naira visa debit card.
“Kindly be informed that effective August 1, 2022, International spending on our Naira Visa Debit Card will be suspended.”
First Bank had also stopped international transactions on their cards in September 2022.
“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.”
Nigerian Banks had previously in 2016 suspended international payments on naira-denominated cards.