In recent times central bank of Nigeria (CBN) implemented a policy restricting banks within the country from allowing forex withdrawal with naira master card. This means that citizens operating with these banks will no longer be allowed to carry out international transactions with their naira master cards. In other words, they will not be able to use ATMs in abroad. Their naira mastercards will also be barred from online foreign stores like Amazon, ebay, aliexpress etc. website owners too whose websites are hosted with foreign companies like godaddy, hostgator, bluehost etc., will have to look for other means of renewing their packages. To make international transactions involving Forex, one has to jump through tons of hoops.
Although, all hope is not lost. I have done some research and discovered that there are still a few banks that allow international transactions involving Forex. But the setback is that the transactions are limited to $100 (monthly). This means that one’s spending in a month cannot exceed $100.
These are the list of Nigerian banks that no longer allow international transactions that involve forex :
- Diamond bank Plc
- Zenith Bank Plc
- Ecobank Nigeria Plc
- First Bank Nigeria Limited
- Skye Bank plc
- Fidelity Bank
- Key Stone Bank
- Wema Bank Plc
- Sterlling Bank Plc
- Unity Bank Plc
- Sterling Bank Plc
- SunTrust Bank Nigeria Limited
- Citibank Nigeria Limited
These Nigerian banks that still allow international transactions that involve forex:
If your bank is no longer allowing forex transactions, create an account with any of the aforementioned banks. I’ll recommend GTB or Access.
Note: If you already have account with any of these banks and still not allowed to carry out forex transactions then you need to opt in for an upgrade.