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 card for international transactions. First Bank to suspend int'l transactions on naira cards Sep 30 Process time. With your Naira MasterCard, you can go cashless! In September, First Bank announced the suspension of international transactions on its naira Mastercard virtual card and visa prepaid naira card from September 30. Guaranty Trust Bank (GTBank) has announced the suspension of international transactions on its naira Mastercard from Saturday, December 31, 2022. . Fintech firms, Flutterwave, Eversend, and other fintech platforms have stopped virtual card services for international transactions. To bypass the international spending limit with a domiciliary account, follow the steps below. The Central Bank of Nigeria (CBN), for over a few months now has ordered all banks to impose a spending limit on all international transactions. This move will inevitably force people to open DOM accounts and source for foreign currency from black market in order to carry out international transactions. Stanbic IBTC Bank and Standard Chartered Bank Nigeria implored customers seeking to carry out transactions denominated in foreign exchange to apply for dollar or pounds sterling debit credit cards. A lot of small business selling online will find it hard to pay for their Ads, This is totally outrageous so youre now telling us that we cannot spend $20 again using our naira MasterCard then it shouldnt be called MasterCard then also what theyre now saying is that we should get the dollar to fund these accounts which the bank will not sell you dollar this will in turn raise the value of the dollar against the Naira, Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |, Here are 8 UK universities offering paid internships to international students, Analysts say unfavourable fiscal policy slowed down FDI inflow into Nigeria; hopeful of Tinubus business focus, Why Nigerian startups are attracting more funding amid decline in FDI Stephen Osho. Visa Debit. Gtbank International Spending Limit Remains $100 Per Month in 2021
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