Nigerian multinational financial institution, First Bank, said it will suspend international transactions on Naira Mastercard from September 30.
In a statement to its customers, First Bank said
such transactions would not be available on its Naira credit card, virtual card, and visa prepaid naira card.
“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 said.
“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.”
In March, financial institutions reduced the international spending limit on Naira cards from $100 to $20 monthly.