Standard Chartered suspends international transactions on naira debit card

International spending on the naira visa debit card will no longer be allowed on StanChart starting next month, according to Standard Chartered Bank in a recent customer statement.

The bank stated that the suspension would commence on August 1. “Kindly be informed that international spend on our Naira Visa Debit Card will be suspended as of August 1, 2022." 

However, Standard Chartered said the $1,000 international spend limit per month on its credit card and the foreign currency debit card limitations remain the same.

Most Nigerian banks lowered the monthly cap on international transactions made with naira debit cards since March this year.

Recall that earlier this year banks also placed a $100 limit on customers' dollar account. Customers were notified by the banks that their monthly spending was limited to either $20 or $50. They simply wouldn't be able to naira debit cards to make any purchases totaling more than $20 or $50 in a single month, according to this policy. It shows how the banks are struggling with the lack of foreign currency.

The United Bank of Africa (UBA), which declared $20 as its new limit on February 24, was the first to implement the change.

Zenith Bank also notified its customers that it was stopping international ATM and point of sale (POS) transactions and lowering the international transaction limit on naira cards to $20.