Our website uses cookies to improve and personalise your experience and to display advertisements(if any). Our website may also include third-party cookies like Google Adsense, Google Analytics, and Youtube. By using the website, you consent to the use of cookies. We have updated our Privacy Policy. Please click on the button to check our Privacy Policy.

Nigerian banks suspend card withdrawals abroad

Nigerian banks suspend card withdrawals abroad

CHIJIOKE OHUOCHA NIGERIAN banks have suspended individual withdrawals with local debit cards abroad and toughened limits on online payments, bankers said, after the central bank last month said it would stop dollar sales to lenders this year. Commercial banks had been limiting the amount individuals can withdraw with their debit cards while abroad to ease foreign currency settlement risk with the country facing dollar shortages. The central bank is battling to protect reserves that have dwindled since the coronavirus pandemic triggered a sharp fall in the price of oil, Nigeria's main export. The oil price plunge also prompted foreign investors…
Read More