According to the CBN, the prevailing currency restriction placed on ATM cards usage abroad and foreign transactions will remain until the country foreign reserve will be built up to a satisfactory level. The bans on the use of ATM cards in certain countries imposed by some banks have been attributed to the high volume of a transaction which Nigerians in those countries carried out using credit and debit cards issued by Nigeria banks.
Monetary policy, speaking with journalists at the weekend, said restrictions were likely to be lifted when reserves increase to between $50 billion and $200 billion, adding that all hands must be on deck to achieve the target.
However, the First Bank of Nigeria released that effectively by Monday 21st August 2017, Naira MasterCard, Naira Prepaid cards and Naira credit cards can be used for the foreign transaction with the information below as limit.
Total monthly Limit: ATM/POS/WEB $1,100
Maximum Daily ATM withdrawal Limit $300
UAE / China Monthly Limit $250
Kindly note that it is advisable to conduct your transaction in the currency of the country you are transacting in when paying for goods and services outside Nigeria.
For customers who want to enjoy this great opportunity, visit any first bank branch at your nearest location and request for this cards in exchange for PTA and BTA purchases.