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Guaranty Trust Bank suspends international transaction on naira cards

The Guaranty Trust Bank (GTB) has announced that its Naira cards will no longer be used for international transactions effective from December 31, 2022 explaining that its dollar cards are still available for use.

Penpusning reports with this new development this means customers using the Guaranty Trust Bank (GTBank) MasterCard can no longer use their naira debit cards to pay for transactions originated in foreign currency.

“Dear Customer, we write to inform you that you will no longer be able to use your Naira Mastercard for international online and POS transactions effective 31st December 2022. Kindly note that you can use your GTBank dollar card for all your international spending requirements’, a memo from the bank stated.

“According to the bank, the dollar card allows ATM Withdrawal of $1,000 daily or the equivalent in the transaction’s local currency. It added that with the dollar card, there is no limit to international PoS or online transactions. There will also be no annual spending limit,” it said.

Penpushing further reports that as of December 28, Nigeria’s foreign reserve fell to $37billion, compared to $37.1 billion recorded as of November 28, while record has it that Nigerian Banks had in March reduced their monthly international spending limit on naira cards citing current market realities on foreign exchange.

The banks gradually reduced their monthly international spending limit on naira cards from $100/$120 to $50/$20, and in September, several banks suspended international transactions on naira cards.

Penpushing also reports that Nigeria has suffered an importation-fuelled foreign exchange crisis for years, but the scarcity worsened in 2021 with its export proceeds declining amid increased supply for foreign exchange, while the dollar exchanges for naira at about 440 a dollar at the official market and N740 a dollar at the parallel market.

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