First Bank Suspends International Transactions On Naira Cards From September 30
In March, financial institutions reduced the international spending limit on naira cards from $100 to $20 monthly.
In a recent statement to its customers, the bank said such transactions would not be available on its naira credit card, virtual card and visa prepaid naira card.
“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,” First Bank said.
In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.
Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions.
Godwin Emefiele, CBN governor, said banks should generate FX proceeds from exporters to give their customers (importers).
“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he had said.