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Monday, 21 December 2015

ATM/CREDIT CARDS CLOSED FOR FOREIGN TRANSACTIONS


There is a new development in the banking sector. According to numerous texts sent by banks to
their customers, as from January 1 2016 the central banks plans to halt all foreign transactions on Naira ATM, debit and credit card.

It means that all transactions billed in foreign currency whether you shop online or travel abroad can not pull through .This isn't a pleasant news for business men and women who pay with their cards in a foreign land for the goods bought and some others who use their cards for hotel bookings.

This new policy is as a result of the fall in price of crude oil, the main earner of foreign exchange for Nigeria has made the nation Forex income to reduce , creating dollar scarcity crisis for Central Bank of Nigeria. The central bank now rations dollar for banks, importers and other Forex users as the nation foreign exchange reserve continues to depreciate.

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