Nigerian banks suspend ATM card use abroad

As the dollar scarcity in Nigeria continues, banks in Nigeria suspend the use of their ATM cards abroad. The banks include Guaranty Trust Bank, Stanbic IBTC Bank and Standard Chartered Bank Nigeria. Suspension also includes use of bank cards for online transactions using foreign currencies.

Suspension of the use of the cards will have a large impact on students studying outside of the country who rely on the money given to them by their parents which they use take out using their ATM bank cards. It will also have an impact on bank customers who do foreign transactions which will have to result in the opening of domiciliary accounts.

It is currently unknown what the end date of the suspension will be and whether or not other banks in the country will follow.

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