Deposit Money Banks have commenced a process to stop all customers from using their payment cards, popularly known as Automated Teller Machine cards, for dollar-denominated transactions when they travel abroad with effect from January 1, 2016.
SUNDAY PUNCH’s investigation also revealed the banks would not allow their customers to use naira-denominated ATM cards locally for 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.
The development follows the lingering scarcity of foreign exchange, especially the dollar, to settle obligations arising from customers’ use of the ATM cards for forex-denominated transactions.
