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Posted by on Thursday June 2, 2016 at 12:43:37:

If you have a foreign currency card such as one issued by a US bank, you can use it anywhere in the world where the card merchant is available such as Visa or Mastercard and they are available in Nigeria. Many Nigerian banks now partner with US brands like Mastercard and Visa so you can use your foreign card even while in Nigeria.

You can use your US dollar card on ATMs to make payments and withdrawals and you can use it online on local and foreign websites where your card provider's platform is supported.

When using your US dollar card on ATMs in Nigeria, you'd mostly be able to make payments in the local currency which is the Nigerian Naira and the exchange rate used would be a bit different from what you'd get from black market dealers as banks would give you a rate that would mostly be to your benefit. For instance, if you want to withdraw about $10 which may be worth about N3000 in the black market, the local ATM could give you just N2500 or less using an official rate. When making payments too on the ATMs or P.O.S. machines, the banks could also use a lower rate despite the fact that your card is providing the foreign currency that they need.

You would actually save more Naira by coming into Nigeria with your cash and changing the dollar into Naira at the black market than just using your card but if you are concerned about your safety and financial security, then it's ok to put most of your funds in your card rather than carrying cash.

US dollar cards work in Nigeria as long as they are powered by Visa or Mastercard as I've seen people using it on local ATMs and P.O.S. machines. You could also use your foreign card to shop on foreign and local websites. If you'd rather want to bring cash to Nigeria without carrying them yourself, then you could open a domiciliary account in Nigeria and do a foreign fund transfer from the foreign account to the domiciliary account your have in Nigeria.

Before visiting Nigeria or trying to use your card there, it's wise to tell your bank first so that they don't restrict your card from being used there as banks have a right to prevent unauthorized usage of cards abroad.

You shouldn't expose your card details to people while using it and you shouldn't give it to someone else to use it or even share your PIN with them.

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