Owing to the recent ban on banks from forex trading by the CBN excepting only First Bank of Nigeria, Some banks have suspended the use of ATM card abroad and also for online payments on websites that accepts foreign currency.
Banks like Stanbic IBTC, GTB and Union bank are amongst the ones that have been confirmed to have suspended the use of ATM card abroad and online payment/POS on international websites.
This is a bad news to students abroad since many of them rely on ATM withdrawals for receiving stipends from their parents/sponsors with ease, also for those doing online business because find it difficult to make payments for services they receive like webhost, email marketing, Bulksms units, Advertising etc.
Below is a screenshot of an email received by a customer from Union Bank
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