Nigerian banks stop ATM cash withdrawal abroad

Four major banks in Nigeria have barred their customers from making use of their debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel out of Nigeria.

Some Nigerians who traveled out of the country during the Christmas and New Year holiday, said they were shocked when they got to their destinations and could not make withdrawals with their Naira cards abroad.

According to reports, some of the banks suspended the cash withdrawal at ATM due to the huge losses they incurred when they Naira fell drastically last year. Others say they suspended cash withdrawal because of money laundering activities.

While the ATM cash withdrawals have been suspended, payment via Point of Sale and web transactions are still allowed outside the country.

The four major banks that have suspended the cash withdrawals are Stanbic IBTC, Fidelity bank, Standard Chartered bank and Guaranty Trust Bank Plc. Non of the banks has however issued a statement regarding this recent development.