Nigerians abroad, mostly students, on Saturday took to the streets to protest against Deposit Money Banks’ proposed ban on naira-denominated Automated Teller Machine cards for dollar-denominated transactions when users are outside the country.
The ban is to take effect from January 1, 2016.
The banks will not allow their customers to use naira-denominated ATM cards locally for transactions denominated in forex.
This means that bank customers will not be able to use their cards to buy products from foreign e-commerce sites like e-bay and amazon.com in which payments are made in forex.
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