12:35 AM
Following the battle to increase the value of Naira in the state, banks has also adopted withdrawalpolicy limits to help salvage the currency.
The policy has thus affected the withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all Naira debit cards.
ATMs withdrawal limit is now N60,000 per day in Nigeria while foreign currency is $300 per day. Hitherto, the domestic withdrawal limit was N150,000 per day.
Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
However, banks are putting in place alternatives in these adjustments to address the concern of customers who are now being directed by their banks to reapply for a new card arrangement to suit their purposes.
The bank also required their customers to apply for');">apply for a foreign currency denominated ATM linked to domiciliary account which would be enabled with no daily or annual international transaction limits.
Earlier, Guaranty Trust Bank Plc had informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300 with immediate effect.
A statement from the CBN stated that “The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.
“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.
“Furthermore, holders of Naira denominated debit and credit cards shall continue to have access to the use of their cards at ATMs in any part of the world but subject to the annual limit of $50,000. ATM withdraws shall continue to be a maximum of $300 per day.”
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