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Bank Modifies International Spend Limits on Naira Debit Cards

Forex
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Friday, September 30 2016 10.22am /News 

As the forex scarcity which currently faces the country continues to bite harder, indications have emerged that banks have started to adjust international spend limits. 

Daily Naira Debit Card limits for transaction on ATMs with current limits put at $200 is expected to be adjusted to $100 from tomorrow while POS and Web limits put at $500 will be adjusted to $200 for Blue, Silver and Gold cards and $300 for Platinum cards. 

Furthermore, Monthly Naira Debit Card limits for transaction on ATMs with current limit put at $300 is expected to be adjusted to $100 from tomorrow while POS and Online transaction spend limits put at $1,200 will be adjusted to $200 for Blue, Silver and Gold cards and $900 for Platinum cards. 

The new limits are expected to take effect from October 1st, 2016 and it is only applicable to Naira Debit Cards only which customers that require higher international spend limits can request for a UDS Debit, Credit or Prepaid card. 

It will be recalled that we issued an update on September 28, 2016 notifying of FX scarcity in the parallel market due to high demand as the immediate demands of FX users cannot currently be met due to low supply in the market. 

Rate in the parallel market has gone as high as N492/$1 as at September 29, 2016.

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