Investors To Buy N150 billion-worth Of FBN Holdings Stake

First Bank To Prevent Naira Card Customers From Making International Transactions, Sets New Policy

2 years ago
1 min read

Customers of First Bank of Nigeria (FBN) will no longer have access to foreign exchange for international transactions through all Naira Card types issued by the commercial bank.

First Bank sent an email to its account holders to notify them of the new development which comes after the lender previously said only FirstBank Travel Card will now receive Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

In the email titled, ‘Review of cross-border limit on Naira Card’, First Bank customers were told that only dollar cards will now be used for foreign transactions, with a maximum of $10,000.

READ ALSO: CBN Considers Adoption Of eNaira As Payment Gateway

The commercial bank cut Naira Mastercard and Naira Credit Card access to foreign exchange for international transactions, blaming the current scarcity of forex in the Nigerian official foreign exchange market.

It was gathered that Virtual card, as well as Visa Prepaid Naira card were also restricted from being used by First Bank account holders to transact on international market – leaving only customers with dollar card to make such transactions.

The cards allowed for international transactions includes; Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card.

READ ALSO: Femi Otedola, Other First Bank Investors Lose Over 7% Of Investment

The statement explaining the review of the bank’s foreign exchange policy reads, “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. This will take effect on 30 September 2022.”

First Bank further stated, “Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.”


MOST READ

Follow Us

Latest from Featured Posts

Don't Miss

Why CBN Adopted Market-based Approach In Managing Forex – Cardoso

Why CBN Adopted Market-based Approach In Managing Forex – Cardoso

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso,