Nigerian Banks and other financial institutions are blocking individuals and small businesses from using the money that is being saved in their bank accounts to pay for international transactions.

One of the reasons why most people save money in their bank accounts is to be able to use it to transact both locally and internationally without the need to withdraw cash. However, our Nigerian banks are denying us of using our Nigerian bank cards/accounts! to transact internationally.

Individuals are therefore forced to withdraw their money in Naira, take it to the Black-Market to buy other currencies such as GBP, USD etc, which has ridiculous expensive exchange rates, before the money can be used for international transactions such as buying goods or paying for services. 

This in turn, has a huge negative impact on individual/business finances as we pay more for the cost of exchange rates before the money can be used. 

The question is wether the Central Bank of Nigeria (CBN) is aware of this barbarous act of other banks? If yes, did they approve of it and on what ground? 

If the CBN is not aware of this, then they need to do the needful by requesting all involved banks to withdraw their actions and allow us to make use of the money in our bank accounts for international transfers, purchases and withdrawals without inheritances, just like the rest of the world.