First Bank of Nigeria has announced to its customers that it will suspend international transactions on its Naira Debit Cards from September 30, 2022. First Bank said, “Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira for international transactions. This will take effect on 30 September 2022.
“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card, and Visa Gold Credit to continue transacting abroad with limits of up to $10,000”.
In March, First Bank joined other Nigerian banks to decrease their international spending limit on Naira cards from $100 to $20 per month.
Furthermore, Standard Chartered Bank suspended international transactions on its Naira debit card in July. This decision reached by Nigerian banks is a result of the current market realities regarding foreign exchange.