A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad, investigation by our correspondent has revealed.

The development may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.

Also, students who are studying abroad and often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs may find the situation challenging.

Findings by our correspondent revealed that the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

However, some banks, which are said to be having high risk appetite and some with partner banks overseas to make settlements easier, are having a smooth ride and as such, have reactivated the ATM withdrawal service overseas.

A top banker close to the development, who spoke to our correspondent under the condition of anonymity said, “Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimise their risks now.

“For such banks, there is no plan to reactivate it. Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.”

Findings by our correspondent revealed that while almost all the banks allowed customers to use their payment cards to do Point of Sale and web transactions overseas, a number of them had suspended their ATM cash withdrawals without indicating when they would resume.

It was gathered that Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and Standard Chartered Bank Nigeria were among the lenders that had suspended their ATM cash withdrawal services.

When our correspondent put a call through to their customer service centres, the banks confirmed they had suspended the services without stating the reason and possible resumption plans.

The customer service personnel, however, said the PoS service abroad and Web services were available for customers to use.

Some bankers told our correspondent that in terms of volume, Nigerian banks were spending more in overseas settlements from PoS and Web than in ATM cash withdrawal.

They said the fear of money laundering by customers was a major reason why some banks had to stop ATM cash withdrawal overseas.

They also stated that for some banks, the settlement issues they had when the dollar was scarce last year was making them to limit their card usage abroad to only PoS and Web transactions.

Following the crash in global oil prices, the drop in Nigeria’s foreign exchange revenue and the resultant dollar scarcity that hit the economy had made the local banks to suspend the ATM cash withdrawal and the PoS services abroad. They also stopped web transactions.

However, following the improvement in forex supply early this year, some banks announced the resumption of the services.

Some of the banks that have resumed full services in these area include United Bank for Africa Plc and First Bank of Nigeria Limited. Similarly, Zenith Bank Plc, Ecobank Nigeria and Skye Bank Plc have announced that their customers can do the ATM cash withdrawal, the PoS and web transactions.

But some of the banks, which have yet to resume full services, claimed that the regulator was not giving them approval to do so.

http://investorsking.com/nigerian-banks-stop-atm-cash-withdrawal-abroad/

Check my signature

My bank is yet to send me a mail to that effect.

Useless people

The tin is really affecting me here

wetin concern me, these days all i think about is taking my mum to dubai, or even Abuja, by Air make that woman enter plane for once biko

nigeria. taking one step forward and one step back. why did they lift it in the first place if they know they would cancel it again? this news feels so 2015!

ok

Admin, please verify this news.

Sounds like 2016/2017 all over again.

Nigeria is a dead country. To hell with patriotism.... anyone who has not left the shores of that country would think the whole world system is in disarray.

It’s almost seem like a curse to live and die in Nigeria no matter how genuine your intentions.

Why is there no mail from banks on this?

Talk2Bella:
wetin concern me, these days all i think about is taking my mum to dubai, or even Abuja, by Air make that woman enter plane for once biko

Then your problems are too small.

PMB. Please go back to Daura in 2019. Do not allow these politicians push you for the second tenure.

Talk2Bella:
wetin concern me, these days all i think about is taking my mum to dubai, or even Abuja, by Air make that woman enter plane for once biko

And how you go withdraw money if you reach dubai finally?

Nigerian and thier poor banking system are like 5 and 6

This news sounds like 2016 or early 2017...i think i am familiar with the expressions and sentences used in the article...
Something like this should be on major news paper if it's true....

This news is stale...most banks now allow ATM cash withdrawal abroad

Naija and different policy every month.
I tire whalai

Nellizzy:
The tin is really affecting me here

Affecting you inside Umuahia? How?

GavelSlam:
Looks like you are talking about January 2017 .

Abi ooo
Still old damn news ....

Pleasant new week to everyone jaree!

Truth234:
A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad, investigation by our correspondent has revealed.

The development may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.

Also, students who are studying abroad and often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs may find the situation challenging.

Findings by our correspondent revealed that the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

However, some banks, which are said to be having high risk appetite and some with partner banks overseas to make settlements easier, are having a smooth ride and as such, have reactivated the ATM withdrawal service overseas.

A top banker close to the development, who spoke to our correspondent under the condition of anonymity said, “Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimise their risks now.

“For such banks, there is no plan to reactivate it. Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.”

Findings by our correspondent revealed that while almost all the banks allowed customers to use their payment cards to do Point of Sale and web transactions overseas, a number of them had suspended their ATM cash withdrawals without indicating when they would resume.

It was gathered that Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and Standard Chartered Bank Nigeria were among the lenders that had suspended their ATM cash withdrawal services.

When our correspondent put a call through to their customer service centres, the banks confirmed they had suspended the services without stating the reason and possible resumption plans.

The customer service personnel, however, said the PoS service abroad and Web services were available for customers to use.

Some bankers told our correspondent that in terms of volume, Nigerian banks were spending more in overseas settlements from PoS and Web than in ATM cash withdrawal.

They said the fear of money laundering by customers was a major reason why some banks had to stop ATM cash withdrawal overseas.

They also stated that for some banks, the settlement issues they had when the dollar was scarce last year was making them to limit their card usage abroad to only PoS and Web transactions.

Following the crash in global oil prices, the drop in Nigeria’s foreign exchange revenue and the resultant dollar scarcity that hit the economy had made the local banks to suspend the ATM cash withdrawal and the PoS services abroad. They also stopped web transactions.

However, following the improvement in forex supply early this year, some banks announced the resumption of the services.

Some of the banks that have resumed full services in these area include United Bank for Africa Plc and First Bank of Nigeria Limited. Similarly, Zenith Bank Plc, Ecobank Nigeria and Skye Bank Plc have announced that their customers can do the ATM cash withdrawal, the PoS and web transactions.

But some of the banks, which have yet to resume full services, claimed that the regulator was not giving them approval to do so.

http://investorsking.com/nigerian-banks-stop-atm-cash-withdrawal-abroad/

I suspect this was copied and pasted from a year ago because (1) There is no more volatility as Banks can buy "Futures" i.e. make commitment buy their FX needs in advance without price fluctuation affecting them. (2) Round tripping is now a waste of time and resources because Official FX rates and Black market rate are almost the same.....just a 1 or 2 point margin and customers find it more convinient to buy from Black market than go through the stress of Bank documentation. infact banks were begging customers to buy FX in the last quarter of 2017

Ok.

And it EPP who

Is this fresh news or what?

This is not a news. The news looks very old and outdated.

The news cannot be verified self. The link is not working

I was a victim,recently I travel to Ghana by road with me was only money to transport my self to Accra hoping went I get to Accra I will do ATM transaction, on getting to Accra I pick a cab going to my destination along the road I saw an Access bank I was happy that am back home I stop by to withdrawn some money,the machine refuse to Dispense thinking its closing period maybe banks here don't dispense money at night, in nut shell the next day I tried other banks same story I was broke no money to continue my journey to Kumasi, that's when I know that something is wrong somewhere, I got to Kumasi with the help of some good Ghanaian and was indebted coming back to Nigeria,on getting to Aflao border to board a car back to mile 2, I called the driver and spoke to him that I don't have money that when I got to mile 2 or festac I will do ATM for him the driver believed me and embarked on the journey ontill we got to festac and I do ATM for him.it was a sad experience for such restrictions. I travel empty handed and came back empty handed.

This post is half truth and half lie