Zenith Bank suspends card withdrawal for int’l transactions, cuts customers’ dollar spend by 80%

Zenith Bank has reviewed the usage of its naira card for international transactions, while also cutting down on web transactions account holders are allowed to perform in the digital market.

In a statement to its account holders, Zenith Bank disclosed that it had suspended the usage of its naira card for cash withdrawals on International Automated Teller Machine (ATM).

The financial institution also halted point of sales (POS) transactions on the International Automated Teller Machine, stating that its latest management decision was due to economic reality.

Part of its board decision included reduction of the monthly spend limit for international web transaction by 80%, as Zenith Bank reviewed the card limit to $20 from $100.

“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 US$100 to US$20. This review is in response to today’s economic realities.” the statement reads.

The review by Zenith Bank echoes the assertion that there’s scarcity of foreign exchange in Nigeria, considering foreign reserves is down by 1.60% between December 2021 ( $40.52 billion) to March 2, 2022 ($39.87 billion).

Zenith Bank directed account holders who need higher international spend limit to approach its branch, and “request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.”