Standard Chartered bank has announced it would suspend all transactions on its Naira Visa Debit Card effective from the 1st of August. This decision was communicated in a mail statement to customers by the bank's head of deposits, debit cards and Mortgages. Standard Chartered's decision follows a trend of Nigerian banks like Zenith bank and United Bank of Africa (UBA) in recent times taking the same steps. The scarcity of Forex in Nigeria has primarily influenced these reductions and the suspension of using naira debit cards.
The scarcity of Forex has continued to hit the Nigerian market as the Naira continues to depreciate significantly, increasing the demand for Forex. Many banks have had to wait weeks to process many requests. This is why like many banks, Standard Chartered has suspended transactions on the Naira Visa debit card. As Nigeria faces one of the most challenging forex crises, banks have been forced to adjust to the market situation. Hence, many Nigerian customers will struggle to pay fees abroad, processing personal, business travel allowances and other payment needs.
Moving on, like many Nigerians, Standard Chartered hopes that the government and the central bank will intervene by creating and implementing policies that restore the country's financial market to its best years. Regardless the bank has reiterated its commitment to providing customers with the best banking solutions and innovative financial solutions.
Nigeria in focus:
Population: 206.1 million in 2020 as compared to 201 million in 2019
GDP: $432.3 billion compared to $448.1 billion in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019