Nigerian Banks are now rejecting dollar transfers from Naira ATM cards of more than $300 per day.

Prior to today, the CBN only placed restrictions only on dollar withdrawals from debit cards to just $300 daily.

However, online transactions such as buying things online or paying for services online had a dollar (or any foreign currency transaction) limit that translates to not more than N3million daily.

Banks have now jettisoned this policy and will no longer effect online payments that exceed $300 daily.

Therefore. POS/ecommerce transactions now have a spending limit of on your naira debit card of $300 per day (and no longer equivalent of N3million).

In addition to this, if you use that same debit card for foreign transactions it limits your daily naira withdrawal to N60,000 per day.

To however still be able to withdraw as much as N150,000 per day, you will have to own a separate Naira Debit Card.

Reports reaching Nairametrics suggest most banks have started implementing this policy frustrating transactions.

For example, people who need to pay for renewals or new services now have a limit placed on how much they can pay per day.

The CB is yet to issue an official directive as regards this new moves.

http://nairametrics.com/boom-banks-rejects-payments-for-online-transactions-exceeding-300-per-day/

A step in the right direction



Place your orders for long-lasting solar power banks. See my signature.

What!!! Nonsense.

I'm going back to the oldies, gonna have a pit to bury my money

.

W

E don happen

This is rilly bad,
Are we soon going to b like Greece? Like d poster above, burying of money na him sure pass.
Pre May 29th: PMB sd he wd hit d ground running, instead he hit the air flying.
I v just tire for dis country, God shd come already.

things will turn around slowly

No nation will behave like Nigeria and Nigerians and expect prosperity for its people.

Dollar is spent like it is sand in this country. Some rents and school fees are paid with dollar cash. People order what they don't need online from the proceeds of crime. We have become a country of 'placing orders and spending dollars'. The Naira has taken a free fall in the face of these excesses and it is time we restore it to its rightful place or we shall end up like Zimbabwe, one day.

No nation will behave like Nigeria and Nigerians and expect prosperity for its people.

Dollar is spent like it is sand in this country. Some rents and school fees are paid with dollar cash. People order what they don't need online from the proceeds of crime. We have become a country of 'placing orders and spending dollars'. The Naira has taken a free fall in the face of these excesses and it is time we restore it to its rightful place or we shall end up like Zimbabwe, one day. Any measure to do that is welcome.

Hmmmm... The matter tire person ooo.

But, as Nigerians sha.. There's always be a way..

Boys are already working on the alternatives..


Check my signature for ur customised wristband.

What is Buhari's economic direction?..... that is the key question without an answer.

I thought we were told that the banks were awash with dollars. Who is lying?