Zenith Bank Plc has suspended the use of its Naira cards on automated teller machines (ATM) point of sale terminals (POS) outside the country as it reviewed naira card monthly spending via web transactions to $20.
Zenith Bank in a note titled “Temporary Suspension of International ATM Withdrawals/POS Payments an Review of Web Transactions Limit Using Zenith Bank Cards” to its customers yesterday, said it is reviewing naira card spending on web transactions from $100 to $20.
The note read “Dear Valued Customer, Please be informed that we have temporarily suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions. Additionally, the monthly card International spend limit for web transactions has been reviewed from $100 to $20.
“This review is in response to today’s economic realities. If you have higher International spend requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.”
Banks had in 2020 reviewed monthly international spending using naira ards from $500 to $300 and ultimately to $100. Banks had also stopped the use of naira cards for ATM foreign currency withdrawals.
Checks by our correspondence shows that most banks still have $100 as the monthly international spending limit on naira cards.