First Bank cancels Naira card usage for foreign transactions
First Bank of Nigeria has cancelled the usage of all its Naira Card for international transactions as scarcity of foreign exchange forced the lender to change its forex policy.
Consequently, First Bank’s account holders will no longer have access to dollars through the use of Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card
This is the second decisive foreign exchange action First Bank had taken in two months after restricting the transfer of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to FirstBank Travel Card.
In the recent foreign exchange decision titled: “Review of cross-border limit on Naira Card,” and sent to customers, First Bank said only dollar cards would now be used by customers for foreign transactions.
The maximum amount approved on the dollar card is $10,000.
The bank noted that the decision was driven by current market realities.
“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.
“Please use your Visa Debit Multi-Currency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000,” First Bank stated.
The decision will limit the number of First Bank customers that will have access to foreign exchange for transactions, thus slowing foreign business and personal transactions.
It will also limit the spending by holders of dollar cards, as they are restricted to a maximum of $10,000 transaction value.