Standard Chartered Bank says it will suspend international transactions on its naira visa debit card from next month.
The bank made this known in a recent statement to customers, signed by its head of deposits, debit cards and mortgages.
According to the statement, the suspension would take effect from August 1, this year. “Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended,” the statement reads.
“International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.
“Thank you for banking with Standard Chartered Bank. As always, we remain committed to providing you best-in-class financial solutions.”
Recall that in March in 2022, more Nigerian banks reduced their monthly international spending limit on naira cards.
The banks informed their customers they were the limit from $100 to either $20 or $50 a month.
It means customers would not be able to use their naira debit cards to pay for any transactions more than $20 or $50 in a month. It is an indication of the banks’ struggle with scarcity of foreign exchange.
The United Bank of Africa (UBA) was first to take the decision on February 24 when it announced $20 as its new limit.
“In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions, and this will take effect 1st of March, 2022,” the bank said.
“Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you.”
In March, Zenith Bank informed its customers that it was reducing its international spending limit on its naira cards to $20 and it was suspending international ATMs and point of sales (POS) transactions.
In a statement to its account holders, Zenith Bank disclosed that it had suspended the usage of its naira card for cash withdrawals on the International Automated Teller Machine (ATM).
The financial institution also halted point of sales (POS) transactions on the International Automated Teller Machine, stating that its latest management decision was due to economic reality.
