Deposit Money Banks have begun suspending their Automated Teller Machine
cards (debit and credit) from working overseas as dollar scarcity
continues to hit the economy badly.
Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust
Bank on Friday announced the suspension of their overseas ATM card
services,Punch reports
Also suspended by the banks are online transactions priced in foreign
currencies. 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.
GTBank also announced the suspension of the ATM cash withdrawal service
abroad. The lender also slashed its monthly ATM forex transactions to
$100.
The development will make students studying in the United Kingdom,
United States, Canada, Ukraine and other parts of the world to face more
challenges getting their monthly stipends from their parents.
Most of the students had relied on the ATM card withdrawal to get their monthly stipends from their parents before now.
This means customers seeking to do foreign transactions will have to
open domiciliary accounts and fund same with dollars, pounds or euros
purchased from the parallel market at the prevailing exchange rates.
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