GTBank Suspends Currency Conversion on Naira MasterCard
As an extension to limit on dollar transactions per customers, the Guaranty Trust Bank customers are now unable to use their Naira MasterCard to purchase goods and service with foreign currency denomination.
The suspension of dynamic currency conversion enjoyed by GTBank Naira MasterCard user commenced effectively, though some the banks customers are not aware.
In recent past, many banks have set limit on dollar transaction per period for customers.
MarketForces reported that the recent development may not be unconnected with scarcity of foreign currency, and the Central Bank of Nigeria’s cash reserve ratio debits preventing lenders from participating in foreign currency auction.
Read Also: Foreign exchange: Trading of Naira Largely Stable Across Markets
The suspension of DCC would put pressure on customers that are buying from foreign e-commerce platforms like amazon.
“Please be informed that your transaction with the details below could not be completed because you have selected the DCC payment option (Dynamic Currency Conversion) that allows you to pay in Naira, which has been temporarily restricted on all our cards.
“Please reattempt the transaction and select the currency of the country you are transacting in“, GTBank told Customers.
Paying for social media adverts, buying from e-commerce and making payment with Naira MasterCard other than in local currency may not be feasible – at least for now.
GTBank Suspends Currency Conversion on Naira MasterCard
