Guaranty Trust Bank (GTBank) has announced the suspension of international transactions on Naira Mastercard.
Understandably, foreign exchange shortages have become more pronounced as economies in Nigeria face ongoing high import price pressures and higher debt servicing requirements
Customers received a message from the bank informing them that the naira Mastercard would no longer be able to be used for foreign transactions as of Saturday, December 31, 2022.
Additionally, neither overseas Point of Sales (POS) transactions nor Automated Teller Machine transactions may be made using the Naira Mastercard (ATM).
The statement reads, “We write to inform you that you will no longer be able to use your naira Mastercard for international online and POS transactions effective 31st December 2022.”
Meanwhile, GTBank said account holders can conduct their international transactions through the financial institution’s dollar card.