Automated Teller Machine cards (debit and credit) and online banking has been suspended from working overseas.

This was announced on Friday by some banks like Stanbic IBTC Bank, Standard Chartered Bank Nigeria and Guaranty Trust Bank as dollar scarcity continues to hit the economy badly.

 

Standard Chartered Bank Nigeria said:

 

‘Suspension of international transactions on naira debit cards’,

“Please be informed that effective immediately, your naira denominated debit cards will no longer be functional for international transactions.

“This is due to the current volatility in the foreign exchange market. Your naira-denominated debit cards can only be used for local transactions at Point of Sale terminals, Automated Teller Machines and online for Nigerian retailers.”