Nigeria financial service provider, Zenith Bank has announced some changes in its services due to the new economic reality.
Following a review, the commercial bank said it has temporarily suspended the use of its Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions.
This is as it also cut down on web transactions account holders are allowed to perform in the digital market.
In a notification sent to its account holders, Zenith Bank disclosed that Point of Sales (POS) transactions on the International Automated Teller Machine has now been stopped for economic reasons.
Zenith Bank noted that it has also cut down on the monthly spend limit for international web transactions by 80%, bringing the card limit to $20 from $100.
The review by Zenith Bank echoes the assertion that there’s scarcity of foreign exchange in Nigeria, considering foreign reserves is down by 1.60% between December 2021 ( $40.52 billion) to March 2, 2022 ($39.87 billion).
Zenith Bank directed account holders who need higher international spend limit to approach its branch, and “request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.”
