28 C
Lagos
Sunday, November 29, 2020
Subscribe to News360 Info by Email
Home Banking CBN did not ban ATM Naira cards usage abroad – Report

CBN did not ban ATM Naira cards usage abroad – Report

Invest In Mutual Funds Like A Hero

The Central Bank of Nigeria is not behind a ban on the usage of Naira ATM cards abroad, according to new information reaching NEWS360 INFO.

The BBC had erroneously reported that the CBN authorized a ban on card usage abroad effective January 1st 2016.

Speaking with sources at several deposit money banks, our reporter was able to learn that the instruction was not infact from the CBN.

One source said, “There is no blanket CBN restriction on Naira cards usage abroad. The banks are placing these restrictions using their own discretion based on the scarcity of FX liquidity in the market.”

A circular from Standard Chartered Bank bans the usage of cards abroad entirely. However speaking with some of the major banks, we discovered that the restrictions vary.

First Bank and Diamond Bank have a daily limit of $300, and with your First Bank card you can withdraw cash and use the ATM. However there is a sharper limit to usage of the FBN cards in Dubai where the limit is $250 per week even as the Dubai Shopping Festival is about to begin.

Then there is GTBank which allows $1000 per month, and the entire sum can be used up in one day.

Zenith Bank has banned the use of its cards in Dubai, China, Turkey, and all West African countries due to the volume of transactions in those country and to prevent round tripping as many opportunists take advantage of the sharp spread between official and parallel market rates.

A Zenith Bank employee who recently returned from holiday in Dubai, speaking to our reporter said, “GTBank is still ok. That was what saved me in Dubai. You can use your Naira card on daily POS transactions up to $300 daily. ”

He added that there did not seem to be a limit on the amount of daily transactions one could transact.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Okada/Keke ban forgotten since #EndSARS protest – FRSC

Mr Boboye Oyeyemi, Corps Marshal, Federal Road Safety Corps (FRSC), has said that commuters and riders have forgotten of the Okada/Keke ban...

LASG destroys 1,700 illegal shanties in Agege

Lagos State Environmental and Special Offences Unit on Sunday said it demolished over 1,700 illegal shanties and containerized shops around Fagba Railway...

Police arrest suspects as explosion rocks Wike father’s church

The police in Rivers State have arrested three suspects who allegedly detonated explosives at a Pentecostal church, Christian Universal Church International, located...

#EndSars: Lagos judicial panel receives 210 petitions

The Lagos State judicial panel on restitution for victims of SARS related matters announced on Saturday that so far they have received...

Recent Comments