” First Bank To End FX Transactions Using Naira Debit Cards
By Munachimso Obienyi
First Bank of Nigeria has announced that it will suspend the usage of the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for international transactions.
In an email sent to the bank customers and seen by NwafoLive on Wednesday, the mail titled; “Review of cross-border limit on Naira Card”, noted that this was done due to lingering scarcity of FX in the economy.
The bank also noted that foreign transactions can only be made with dollar cards with a $10,000 maximum.
The bank said, “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.
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″.
This news comes after First Bank of Nigeria has informed its customers that the Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will now be transferred to the FirstBank Travel Card.
It will be recalled that the parallel market exchange rate between the Naira and the US dollar has fallen from N565/$1 at the start of the year to N705/$1, marking an N140/$ loss year so far.
According to Hanke’s Currency Watchlist, the Naira is the 11th worst-performing currency against the US dollar.
