Starting from January 1, 2016, anyone using Nigerian banks’ ATM cards for dollar-denominated transactions when they travel abroad, won’t be able to do such again. The use of Naira-denominated ATM cards for transactions denominated in forex within Nigeria will also be stopped.
This means customers of Nigerian banks will not be able to use their cards to buy products from foreign e-commerce sites like e-bay and amazon.com in which payments are made in forex. The development follows the lingering scarcity of foreign exchange, especially the dollar, to settle obligations arising from customers’ use of the ATM cards for forex-denominated transactions.
The fall in prices of crude oil, the main earner of foreign exchange for Nigeria, has made the nation’s forex income to reduce drastically, creating dollar scarcity crisis for the Central Bank of Nigeria.
No comments:
Post a Comment