First Bank Nigeria Suspends Usage of Naira Card for International Transactions
First Bank has now ended support of its Naira Cards for international transactions not long after they reduced the monthly transaction limit from $100 to $20 in February this year.
On Wednesday, First Bank started sending SMS to its customers, saying "Effective 30 September 2022, your Naira card will no longer be enabled for international transactions. Kindly obtain a USD card at the nearest branch"
So starting 30 September 2022, First Bank customers using Naira Mastercard, Naira Credit Card, Virtual card, and Visa Prepaid Naira card will be unusable for international transactions.
This new development seems to be another attempt for the Central Bank of Nigeria to shore up the naira amid the current inflation on Naira. Currently, the only walk-around is for First Bank customers to use the bank’s Visa Debit Multicurrency card, Visa Prepaid (USD) card, and Visa Gold Credit card for international transactions up to $10,000.
Currently, the suspension of Naira cards being used for international transactions is applicable to First Bank Only. However, we could get updates from other banks like United Bank for Africa (UBA), Zenith Bank, Guaranty Trust Bank, Sterling Bank, Union Bank, e.t.c as was the case with the earlier $20 limit.