#Naira debit card: Nigerian Banks Move to Block Use Of Naira Cards Abroad

Deposit Money Banks in the country have commenced a process to stop all customers from using their ATM cards for dollar-denominated transactions when they travel abroad with effect from January 1, 2016.
Naira-denominated ATM cards will also be blocked from making local transactions denominated in forex.

This means bank customers will not be able to use their cards to buy products from foreign e-commerce sites like e-bay and amazon.com in which payments are made in forex.

Nigerians living abroad will also be unable to use their cards like they normally do in the past.

Already, Standard Chartered Bank has notified its customers that the new development will come into effect from January 1, 2016.

Other banks have also stopped customers from using their ATM cards abroad but had yet to officially communicate this to them.

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6 Nigerian Banks Set to Merge From Jan. 2016

6 Nigerian banks will be forming a merger in January, 2016.

The merg is as a result of the shock created in their assets and balance sheet sizes in the face of declining oil prices.

The Managing Director, Sterling Bank Plc, Yemi Adeola, who disclosed this yesterday said he envisaged possible shrinking in the number of local banks in the New Year. However,he did not list the banks involved in the merger

More updates coming soon

Keep posted!

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