BY Nse Anthony-Uko,
ABUJA (Sundiata Post) – Stanbic IBTC has joined the list of banks whose customers can no longer use their Naira debit or credit cards for offshore or online transactions.
An email sent by Stanbic IBTC Bank Nigeria to its customers said that effective October 18, 2016, Naira debit and credit cards for international transactions.
What this means is that, if you travel abroad and try to use your card, it will not work. If you shop online and the transaction is billed in any foreign currency, it will not work. If you are in Nigeria and try to use your card for a foreign currency transaction, it will not work.
The bank said that in order to continue making international transactions, customers must now have a US Dollar Debit or Prepaid card.
“On account of current market conditions, please note that with effect from 18 October, 2016, you will not be able to use your Naira debit and credit cards for international transactions.
You can request for a USD card (debit or prepaid) from any of our branches, If you wish to carry out card transactions priced in foreign currencies from that date.”
“We apologize for any inconvenience that may be caused by this decision. We trust that our USD card product will allow you to continue to pay for goods and services that are priced in foreign currencies.”
The bank also urged customers to kindly notify it of their impending trips, preferably before leaving Nigeria to ensure unhindered access to the USD debit or prepaid card while abroad.
Stanbic IBTC is one of the few banks that still allowed customers to use their Naira debit or credit cards for international transactions. However this is to stop from October 18, as the scarcity of foreign exchange bites harder in the country.
Standard Chartered Bank Nigeria stopped the usage of Naira debit cards abroad since January 1, 2016. Diamond Bank stopped it since May 2016,