Some Commercial banks in Nigeria have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies outside the country.
The development is likely to affect business and leisure travellers as well as students studying abroad who often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs.
The policy is in reaction to prevailing naira volatility which has gotten the finger of most Nigerian banks fingers burnt.
Meanwhile, some other banks with partner banks overseas to make settlements easier, are having a smooth ride and as such, have reactivated the ATM withdrawal service overseas.
It was gathered that Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and Standard Chartered Bank Nigeria were among the lenders that had suspended their ATM cash withdrawal services.
However, the PoS service abroad and Web services are still available for customers to use.
