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Nigerian banks stop ATM cash withdrawal abroad ; Dollars, Euros, Pounds

A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad, investigation by Punch correspondent has revealed.

The development may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.

Also, students who are studying abroad and often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs may find the situation challenging.

Findings by Punch correspondent revealed that the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

However, some banks, which are said to be having high risk appetite and some with partner banks overseas to make settlements easier, are having a smooth ride and as such, have reactivated the ATM withdrawal service overseas.

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About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298, 08056381068.

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