By Ezekiel Enejeta
Guaranty trust bank Plc which is the only bank customers can use their naira debit mastercard for online payment until now has joined the rest of Nigerian Deposit Money Banks announcing the suspension of overseas Automated Teller Machine card services and online transactions denominated in foreign currencies.
It will be recalled that in October 2016, deposit Money Banks began suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly.
Also suspended by the bank are online transactions priced in foreign currencies. This means that customers of GTBank will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, euros, pounds sterling and other foreign currencies.
Nigeria has been in economic recession since second quarter of 2016 with the naira in a free fall as a result of scarcity of forex. Manufacturers in the country are also having a tough time paying for raw materials; with the suspension of GTBank’s naira debit mastercard, it can only bite harder while we await an recovery plan to Nigeria’s economic woes.
CHECK OUT THESE INTERESTING STORIES:
- ATM NON-DISPENSE ERROR: CUSTOMER SUES GTB & UBA, CLAIMS N10M DAMAGES
- Forex: CBN queries banks
- Twinkas, another ponzi scheme emerges to replace MMM
- We Don’t Allocate Forex Directly To Bank Customers – CBN
- UBA customers lament frustrating account update, inactive Visa Card, others
- TSA Cost Banks N75bn Revenue In 16months
- Loopersclub- Register and make 100% profit within 2-3 days and how it works
- FIRS makes N3.3 trillion in 2016
- Police raids Premium Times Abuja office, arrests publisher, Olorunyomi
- Scarcity hits small Naira denominations as CBN fails to print in 1 year – Investigation
- Forex supply drops to $700m monthly
- Overnight lending doubles on CBN cash withdrawal
- ‘How we’ve impacted on over 20,000 businesses through micro-credit scheme’
- NCAA endorses closure of Abuja Airport
- 23,000 Artisans, Traders In First Batch, Benefit In Fg’s Soft Loan Scheme
- Private varsities demand tariff exemption from FG
- Buhari’s Rumoured Death: NLC denies call on Mr President to address nation
- Naracle Login, Register here and make up to N640K In less than 1 month with just N1500 startup capital in Naracle
- FG to reposition economy by leveraging on ICT -Perm Sec
- Payvoom.com Login – Pay Voom Register
