Guaranty trust bank Plc which is the only bank customers can use their naira debit mastercard for online payment until now has joined the rest of Nigerian Deposit Money Banks announcing the suspension of overseas Automated Teller Machine card services and online transactions denominated in foreign currencies.
It will be recalled that in October 2016, deposit Money Banks began suspending their Automated Teller Machine cards (debit and credit) from working overseas as dollar scarcity continues to hit the economy badly. Also suspended by the bank are online transactions priced in foreign currencies. This means that customers of GTBank will no longer be able to use their debit or credit cards to make online transactions that are denominated in dollars, euros, pounds sterling and other foreign currencies.
Nigeria has been in economic recession since second quarter of 2016 with the naira in a free fall as a result of scarcity of forex. Manufacturers in the country are also having a tough time paying for raw materials; with the suspension of GTBank’s naira debit mastercard, it can only bite harder while we await an recovery plan to Nigeria’s economic woes.