Deposit Money Banks are suspending their Automated Teller Machine cards, debit and credit, from working overseas as dollar scarcity continues to hit the economy badly.
Also suspended by the banks are online transactions priced in foreign currencies.
Zenith Bank on Wednesday announced the suspension of their overseas ATM card services
Last month, the United Bank of Africa (UBA) also took a similar move, lowering the international spending limit on its naira card from $100 to $20 a month.
In a note sent to its customers on Wednesday, the financial institution said it would temporarily suspend international ATMs and point of sales (POS) transactions.
This means that customers of the banks will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, euros, pounds sterling and other foreign currencies.
This is despite the fact that many banks have in the past few months reduced the monthly total amount of forex-denominated transactions that customers can do, using their naira debit or credit cards via ATMs and PoS terminals abroad as well as online payments or transactions.
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