For large money spenders, i'm sure this is not going to be good news for you guys as banks nationwide have agreed to reduce the daily withdrawal limit per day from N150,000 to N60,000 on naira transactions , while for foreign transactions it has been reduced to $300 daily.
The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.Henceforth, a single ATM card serves for transactions for both domestic and abroad.
Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
These developments came on the heels of Central Bank of Nigeria’s (CBN) statement on Sunday that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate.
A statement from the CBN added:
“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.”
ORIGINAL REPORTING from VANGUARD NEWSPAPERS.
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