First Bank suspends use of naira cards for international transactions

First Bank of Nigeria has announced the suspension of the use of naira cards for international transactions starting September 30. 

The bank explained that its action was motivated by the nation's ongoing forex crisis in a statement made available to its customers. 

In March, the bank reduced the international spending limit on its cards from $50 to $20 (around N10,000) per month. 

"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. Kindly Obtain a USD card at the nearest branch."

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