As part of efforts to manage the dollar crisis,
Deposit Money Banks in Nigeria have sent
out messages to their customers notifying
them that they cannot use their Naira debit/
credit cards for any transaction abroad for
now.
A message sent by one of the banks pictured
above, states that all transactions done
outside Nigeria will henceforth be via a dollar
debit/credit card.
The implication of this is that Nigerians who
are to do transactions abroad, this include
students studying abroad, will have to open
domiciliary accounts and fund the account
with dollars, pounds or euros purchased from
the parallel market at the prevailing
exchange rates.
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