The United Bank of Africa (UBA) made a similar move last month, lowering the international spending limit on its naira card from $100 to $20 per month.
In a note sent to customers on Wednesday, the financial institution stated that international ATMs and point-of-sale (POS) transactions would be temporarily suspended.
“Please be advised that the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and POS transactions has been temporarily suspended,” the notice states.
“Additionally, the monthly card International spend limit for web transactions has been reviewed from US$100 to US$20.
“This review is in response to today’s economic realities.
“If you have higher International spend requirements, visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.
“Thank you for banking with us, and kindly direct all enquiries to Zenith Direct using any of the numbers below.”