GTBank Suspends International Transaction On Naira Cards

GTBank Suspends International Transaction On Naira Cards

Guaranty Trust Bank has announced that from December 31, 2022, its naira cards will no longer be accepted for international transactions.

This means that GTBank MasterCard customers can no longer use their naira debit cards to pay for foreign currency transactions.

Nigerian banks cut the monthly international spending limit on naira cards in March, citing “current market realities on foreign exchange.”

The banks gradually reduced their monthly international spending limit on naira cards from $100/$120 to $50/$20.

In September, several banks suspended international transactions on naira cards. GTB announced its decision on Thursday.

Read Their Statement On The Email Inbox As Obtained By NaijaCover Below:

“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. Kindly note that you can use your GTBank dollar card for all your international spending requirements,” the bank said in an emailed memo.

“According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction’s local currency. It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit,” it said.

Nigeria has been suffering from an import-fueled foreign exchange crisis for years, but the situation worsened in 2021 as export proceeds fell amid increased supply for foreign exchange. The dollar is worth about 440 naira on the official market and N740 naira on the parallel market.

Nigeria’s foreign reserve fell to $37 billion on December 28 from $37.1 billion on November 28.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *