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First Bank Announces New Regulations For International Transactions

The First Bank Of Nigeria had Announced new banking guidelines for their international transactions.

In a Statement to it’s customers, the bank said international transactions on its naira Mastercard will be suspended from September 30, 2022.

The bank said such transactions would not be available on its naira credit card, virtual card and visa prepaid naira card.

You would recall that in March, the financial institutions reduced the international spending limit on naira cards from $100 to $20 monthly.

The statement read “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,” First Bank said.

“Please use your Visa Debit Multicurrency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000.”

In July, Standard Chartered Bank suspended international transactions on its naira visa debit card.

Flutterwave, Eversend and other fintech platforms had also stopped virtual card services for international transactions.

The development comes on the back of foreign exchange scarcity — affecting key sectors — which the country is currently battling.

On Tuesday, the naira dropped to N436 a dollar at the Investors and Exporters window and N712 at the parallel market.

The Central Bank of Nigeria (CBN) had hinted that it would stop the sale of foreign exchange to banks by the end of the year.

Godwin Emefiele, CBN governor, said banks should generate FX proceeds from exporters to give their customers (importers).

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to pack all the dollars and pass it to CBN to give you dollars,” he had said.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again go and generate their export proceeds.”

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