The foreign exchange crisis hitting the economy has assumed a new dimension with Deposit Money Banks announcing the suspension of overseas Automated Teller Machine card services and online transactions denominated in foreign currencies. Deposit Money Banks have begun suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly.
In a text message to its customers on Friday, Stanbic IBTC Bank similarly said, "Dear customer, kindly note that effective October 18, 2016, your ability to carry out transactions priced in foreign currency using our naira debit and credit cards will be suspended.
The decision by some banks to suspend overseas ATM card services and online forex transactions came barely one week after the CBN, through the Bankers' Committee, raised concerns about what it called the indiscriminate and suspicious manner in which some bank customers were spending dollars and other foreign currencies abroad through their naira debit cards.
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