Zenith Bank has overhauled the use of its naira card for international transactions, while reducing the web transactions that account holders are allowed to make in the digital market.
In a statement to its account holders, Zenith Bank revealed that it has suspended the use of its naira card for cash withdrawals at the International Automated Teller Machine (ATM).
The financial institution also halted point-of-sale (POS) transactions on the international ATM, saying its latest management decision was due to economic reality.
Part of its board’s decision included reducing the monthly spending limit for international web transactions by 80%, while Zenith Bank revised the card limit to $20 from $100.
“Please note that we have temporarily suspended the use of Zenith Bank Naira Cards for cash withdrawals at international automated teller machines (ATMs) and point-of-sale transactions.
“In addition, the International Card’s monthly spending limit for web transactions has been reviewed from US$100 to US$20. This review responds to today’s economic realities,” reads the statement.
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Zenith Bank’s review echoes the claim that there is a shortage of foreign exchange in Nigeria, given that foreign exchange reserves declined by 1.60% between December 2021 ($40.52 billion) and the March 2, 2022 ($39.87 billion).
Zenith Bank directed account holders who need a higher international spending limit to approach its branch and “apply for a foreign currency debit or prepaid card, which are available in US dollars, pounds and in euros”.
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