Nigeria’s foreign exchange crisis has continued to take its toll on bank customers as more stringent measures are still being rolled out to curtail liabilities. Diamond Bank has sent a message to its customers announcing a new restriction on the naira debit card, with customers now unable to use it in the United Arab Emirates, China and all African countries apart from Nigeria. As an alternative, the bank asked the customers to use the dollar-denominated debit card which will not have any limitations.
However, it is impossible to fund the dollar cards by cash lodgements as the Central Bank of Nigeria (CBN) has banned the cash deposits in foreign currencies in banks.
The message from Diamond Bank to its customers read: “Due to the current FX market realities, please be informed that your Naira Debit Card has been restricted for usage in UAE, China and African countries. “We encourage you to make use of the Diamond USD Dollar or Diamond GBP debit card to transact in any of the above mentioned countries and enjoy the following benefits: unlimited annual spend from your USD and GBP accounts; increased daily spend limit across all channels (WEB, POS, ATM); no conversion fee on transactions done in Card’s denominated currency, and Chip and PIN protection.”
All banks have placed various restrictions on the use of naira-denominated debit cards, including limiting daily withdrawals and POS transactions. However, it would appear Diamond Bank is the first to restrict the use of its card in UAE and China, where Nigerian traders do massive business on a daily basis.
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