Nigeria's four major Banks have resisted their customers from making use of the debit and credit cards to withdraw dollars, euros, pounds and other overseas currencies whenever they travel out of Nigeria.

Some Nigerians who traveled from the country during the Christmas and New Year holiday, said they were shocked when they got to their destinations and could not make withdrawals with their Naira cards abroad.

Based on the reports, some of the banks suspended the cash withdrawal at ATM due to the huge losses they incurred when they Naira fell drastically last year. Others say they suspended cash withdrawal because of money laundering activities.

While the ATM cash withdrawals have been suspended, payment via Point of Sale and web transactions are still allowed outside the country.

Here are the list of Banks that suspended the cash withdrawals; Stanbic IBTC, Fidelity bank, Standard Chartered bank and Guaranty Trust Bank Plc.

Source: https://aderonkebamidele.com/money-laundering-banks-stop-foreign-withdrawals-using-naira-cards/