GTBank Suspends International Payment On Naira Debit Cards
Guarnaty Trust Bank has announced suspension on international payment on customers naira cards Exclusive Africa can authoritatively reveal. This announcement is contained in a notice sent out by the bank and sighted by Exclusive Africa.
This development is coming on the heels of the continuous onslaught on international payment restrictions by Nigerian financial service providers. Recall that customers have been limited to a monthly spend of $20 on their naira cards.
This announcement was contained in a statemnet titled: ‘Important Update on Your Naira Card for International Spending’ and part of which read thus:
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.”
Nigerian Banks had earlier in March reduced their monthly international spending limit on naira cards citing while citing “current market realities on foreign exchange.”
The monthly international spending limits on naira cards was further reduced from $100/$120 to $50/$20.
GTB is the most recent to follow suit as several banks had earlier suspended international transactions on their naira debit cards.
The bank further noted that customers who desire to make international payments will henceforth need to use a GTB Dollar card for all their international spending requirements.
What This Means For Customers
This latest development is a final nail on the coffin on the ability of Nigerians to make any form of dollar denominated payment or any international payments for that matter from their naira debit cards.
Initially, Nigerians had to make do with a limiting maximum monthly spend of $20 equivelent on their naira debot cards to which many had complained was inadequate. This, as it stands seals the hope of this policy being reversed or increased at all with the current situation of things.
Nigeria continues to suffer FX scaricity largely influenced by its over reliance on the importation of refined fuel which drains its foreign exchange and puts a strain on its ability to maintain FX pricing stability with the dollar’s exchange rate skyrocketing to as much as $760/N1 a few weeks ago.