Deposit Money Banks
have commenced a process to stop all customers from using their payment cards,
popularly known as Automated Teller Machine cards, for dollar-denominated
transactions when they travel abroad with effect from January 1, 2016.
Punch’s investigation also
revealed the banks would not allow their customers to use naira-denominated ATM
cards locally for transactions denominated in forex.
This means
bank customers 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.
Already,
Standard Chartered Bank has notified its customers that from January 1, 2016,
they will not be able to use their naira-denominated ATM cards for transactions
that are denominated in foreign currencies, either locally or when they travel
abroad.
-Punch
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