In an attempt to stabilize the Nigerian currency, the banks reduce withdrawal limits on ATM’s and foreign transactions on Naira debit cards, Vanguard reports.
According to new rules, ATM’s withdrawal limit is N60,000 per day, while foreign currency is about $300 per day. Before the measure domestic withdrawal limit was N150,000 per day.
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. The source explains that in the new arrangement, a bank customer with multiple debit cards only the one linked to the primary transactional account will be enabled for use abroad.
A CBN’s statement says: “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.”
The CBN has been acting extremely intensively to defend the naira. Only this month three important steps have been made. Previously the bank directed to ban cash deposits into domiciliary accounts and prioritise school fees. Furthermore, deposit money banks rejeceted cash deposit of foreign currencies.
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