Standard Chartered Bank Suspends Int’l Transactions on Naira Debit Card as from August 1

Standard Chartered Bank in Nigeria has issued a statement notifying its customers that International transactions on the Naira Debit card will be suspended as from August 1, 2022.

According to the bank in its statement, “Kindly be informed that effective August 1, 2022, International spend on our Naira Visa Debit Card will be suspended,” the statement reads. International spend limit on our Standard Chartered Bank Credit Card however remains at $1,000 monthly and Foreign Currency Debit Card limits remain unchanged.”

“Thank you for banking with Standard Chartered Bank. As always, we remain committed to providing you best-in-class financial solutions.”

Though it did not give any reason for this development, it is likely due to the foreign exchange scarcity in the country. In recent times, other banks have reduced the spending limit on the Naira Debit card.

In a bid to reduce demand for foreign currencies, especially the US Dollar, the Central bank of Nigeria has reduced the amount of foreign exchange made available to banks and Bureau de Change (BDC) operators.

This has been an ongoing issue since 2020 as banks have been struggling with the growing demand for Forex and the shortage of supply in the country.

Nigerian banks have had to promote their Dollar cards where you have to provide the dollars into your account as an alternative.