Nigerian banks suspend usage of Naira debit/credit cards for transactions abroad

As part of efforts to manage the dollar crisis, Deposit Money Banks in Nigeria have sent out messages to their customers notifying them that they cannot use their Naira debit/credit cards for any transaction abroad for now.

A message sent by one of the banks pictured above, states that all transactions done outside Nigeria will henceforth be via a dollar debit/credit card.

The implication of this is that Nigerians who are to do transactions abroad, this include students studying abroad, will have to open domiciliary accounts and fund the account with dollars, pounds or euros purchased from the parallel market at the prevailing exchange rates.