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Nigerian Banks Stop ATM Cash Withdrawal Abroad

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Nigerian Banks Stop ATM Cash Withdrawal Abroad

A number of Deposit Money Banks in the country have barred their customers from using debit and credit cards to withdraw dollars, euros, pounds and other foreign currencies whenever they travel abroad, investigation by our correspondent has revealed.

The development may put business and leisure travellers, who may need hard currencies to meet some obligations abroad, in a difficult situation.

Also, students who are studying abroad and often rely on withdrawing hard currencies with their Nigerian payment cards from Automatic Teller Machines abroad to meet certain needs may find the situation challenging.

Findings by our correspondent revealed that the naira volatility of the past year made many of the Nigerian banks to get their fingers burnt and the fear of losing heavily to possible future currency volatility was making them to exercise restraint in reactivating overseas ATM withdrawal services for their customers.

However, some banks, which are said to be having high risk appetite and some with partner banks overseas to make settlements easier, are having a smooth ride and as such, have reactivated the ATM withdrawal service overseas.

A top banker close to the development, who spoke to our correspondent under the condition of anonymity said, “Each bank has various reasons for not yet activating their overseas ATM cash withdrawal service. For some banks, they ran into losses last year when the naira fell and, as such, they are trying to minimise their risks now.

“For such banks, there is no plan to reactivate it. Some others banks are not ready to reactivate the service because they are trying to check customers who are doing round-tripping. It is for various reasons that the banks are not stopping yet.”

Findings by our correspondent revealed that while almost all the banks allowed customers to use their payment cards to do Point of Sale and web transactions overseas, a number of them had suspended their ATM cash withdrawals without indicating when they would resume.

It was gathered that Guaranty Trust Bank Plc, Fidelity Bank Plc, Stanbic IBTC Bank and Standard Chartered Bank Nigeria were among the lenders that had suspended their ATM cash withdrawal services.

When our correspondent put a call through to their customer service centres, the banks confirmed they had suspended the services without stating the reason and possible resumption plans.

The customer service personnel, however, said the PoS service abroad and Web services were available for customers to use.

Some bankers told our correspondent that in terms of volume, Nigerian banks were spending more in overseas settlements from PoS and Web than in ATM cash withdrawal.

They said the fear of money laundering by customers was a major reason why some banks had to stop ATM cash withdrawal overseas.

They also stated that for some banks, the settlement issues they had when the dollar was scarce last year was making them to limit their card usage abroad to only PoS and Web transactions.

Following the crash in global oil prices, the drop in Nigeria’s foreign exchange revenue and the resultant dollar scarcity that hit the economy had made the local banks to suspend the ATM cash withdrawal and the PoS services abroad. They also stopped web transactions.

However, following the improvement in forex supply early this year, some banks announced the resumption of the services.

Some of the banks that have resumed full services in these area include United Bank for Africa Plc and First Bank of Nigeria Limited. Similarly, Zenith Bank Plc, Ecobank Nigeria and Skye Bank Plc have announced that their customers can do the ATM cash withdrawal, the PoS and web transactions.

But some of the banks, which have yet to resume full services, claimed that the regulator was not giving them approval to do so.

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MOVIES

“The Interrogation Of Lotanna” Bags 6 Nominations At The FilmJoint Awards 2025

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The Interrogation of Lotanna: 6 nominations at TFA 2025 | fab.ng

Reginald Jumbo’s compelling short film “The Interrogation of Lotanna” has earned prestigious recognition with six nominations at the upcoming 2025 Film Joint Awards.

The nominations span major categories. They include Best Picture, Best Director, Best Actor in a Leading Role, Best Indigenous Film (Nigeria), Best African Film, and the Best Jury Award for Outstanding Storytelling.

The FilmJoint platform stands as a vital global initiative that connects short filmmakers with international audiences. They provide them with a stage to showcase their creative works.

Through its annual awards ceremony, FilmJoint celebrates exceptional short films that advance African cinema’s artistic and cultural landscape.

Producers Ibukun Serah Adetoyinbo and Oreoluwa Obadofin bring to life a gripping narrative set against the backdrop of civil unrest.

The plot follows Captain Ardo, a military commander tasked with suppressing an eastern rebellion led by the elusive Zuru Nkwu.

After months of fruitless searches, intelligence leads Ardo to interrogate a suspect named Lotanna. Despite enduring severe torture, Lotanna steadfastly maintains his innocence throughout the ordeal.

The film showcases powerful performances from an ensemble cast. The cast features William Chinoyenem, Cassey Oritsejolomi, Anthony Nwahiri, Francis Sule, Michael Embraiz, and Mr. Rala.

Each actor brings depth and authenticity to their respective roles, contributing to the film’s emotional impact and storytelling prowess.

These nominations underscore the film’s artistic merit and its significant contribution to African cinema. The recognition from the FilmJoint Awards particularly highlights the film’s excellence in storytelling, direction, and performance.

Meanwhile, it also acknowledges its cultural significance as both a Nigerian and African production. The winners will be revealed at the 2025 FilmJoint Awards ceremony, where “The Interrogation of Lotanna” stands as a strong contender across multiple categories.

Check out more updates here.

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MUSIC

Social Media Reacts As Wizkid’s “Dance” Disappears From Apple Music Top 100

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'Kese (Dance)' disappears from Apple Music Top 100 | fab.ng

On November 18, 2024, fans woke up to the shocking news that Wizkid’s latest single, “Kese (Dance)”, had suddenly vanished from the Apple Music Nigeria Top 100.

Just days ago, the song had been proudly sitting at the number one spot. This abrupt drop sparked widespread speculation, with many fans and industry insiders suspecting that Apple Music had penalized the track for streaming manipulation.

Such drastic deductions often indicate stream deductions or “chart-drinking,” which are common penalties that Apple Music enforces against artificial streaming boosts.

Adding fuel to the controversy is Wizkid’s “Kese (Dance)”, released on November 15, 2024, as the second lead track from his forthcoming album “Morayo”.

Within hours of its release, “Kese” soared to the top of the Apple Music Nigeria Top 100, demonstrating Wizkid’s enduring popularity and dominance on the charts.

However, the unexpected removal of the song from the charts sent shockwaves through social media, leaving fans divided. Some believe Apple Music may have acted to curb stream farming, while others argue it might simply be a technical glitch.

Historically, Apple Music has taken stringent measures to crack down on streaming manipulation, especially against high-profile artists.

This latest move, if confirmed as a penalty, would be one of their strongest actions yet against stream farming. However, the possibility of a glitch cannot be entirely dismissed, as similar occurrences have happened before.

Fans now eagerly watch to see if “Kese (Dance)” will rebound to its previous chart-topping position. A quick recovery would lend credence to the glitch theory.

Meanwhile, a continued absence would suggest that Apple Music has indeed taken a firm stance against streaming irregularities—even against a major act like Wizkid. For now, all eyes remain on the charts to see how this drama unfolds.

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ENTERTAINMENT

AFRIFF 2024: Check Out The Complete List Of Winners

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2024 AFRIFF: The Complete List Of Winners | fab.ng

The 2024 AFRIFF celebrated exceptional African cinema through a vibrant week-long showcase of talent, creativity, and storytelling excellence.

Filmmakers, actors, and cinema enthusiasts gathered from across the continent to participate in screenings, masterclasses, and engaging panel discussions at the 2024 AFRIFF.

This 13th edition of AFRIFF demonstrated unprecedented diversity in African storytelling, featuring compelling narratives that captivated audiences through multiple genres and languages.

In the 2024 AFRIFF, carefully curated selections sparked meaningful conversations about contemporary African experiences while highlighting the continent’s rich cultural heritage.

Also, at the 2024 AFRIFF Globe Awards ceremony, outstanding films earned recognition for their artistic merit, technical excellence, and powerful storytelling.

These winning productions represented various African perspectives, from intimate personal narratives to broader social commentaries.

Let’s explore the complete list of winners who made their mark at this prestigious celebration of African cinema.

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