The battle for defence of the Naira value has widened, affecting existing withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
atm2In the new arrangement, all ATMs that were hitherto enabled for domestic and foreign transactions have been restructured to limit Naira cash withdrawal at ATMs to N60,000 per day while foreign currency is $300 per day. Hitherto, the 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. Hitherto, 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) pegged at $300 (about N60,000) per day. Before this, the limit was N2 million per day.
In the new arrangement, a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad. Hitherto, such customers could transact with any of the cards that is funded.
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.
For instance, Standard Chartered Bank has asked its customers to request a complementary ATM card for domestic use only so that the original N150,000 daily cash withdrawal limit can be restored and also reactivate POS/online purchase limit of N2 million per day.
The bank also required their customers to 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 effect from yesterday.
In a communication to the customers, the bank explained: “In view of the increased difficulty in sourcing foreign currency to settle international transactions on Naira MasterCards, we have reduced the daily international spending limit on your Naira MasterCard to $300.This means that you can only spend up to $300 daily when using your GTBank Naira MasterCard for international payments via POS and online.
“You will, however, continue to have the option of paying for medical bills, school fees, mortgages and credit cards using Form A, as these are eligible transactions for foreign currency. Simply visit any GTBank branch to complete a Form A along with the required documents to make these payments.”
These developments were coming 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 that already all the legitimate demands for such transactions through recognised channels have so far been fully met by CBN.
The statement stated: “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.”

Source - vanguardngr.com

ok

For their pocket

just as if I dey read Arabic...

Meaning what na

60,000 is too low for us now

Hope my 268 naira in GTB is safe sha?

Not new, my bank sent me an email about the withdrawal limit since May but i still get above 300usd daily

On the good side,these alhajis that will withdraw 150k each from 3 different atm cards will not waste people's time anymore.

how good is this decision

Nawa o

I swear am naive of this

Serious

Slowly going back to 1983 be patient country people we will soon get there....







Its all part of remembering the good old days

Metchewwwwwwwwww
How much even dey ma account b4?

Aye trouser ooooo

Will this help? And what will happen to cashless policy?

60k

60k is too small ooo

Bbanks reducing withdrawal limits (my own money o),

Prices for commodities are on high...

Should we now do away with banks?

Make them no try this play with me poop.

Trial and error policies from cbn governor. Wish u well it works for u

abumeinben:
Bbanks reducing withdrawal limits (my own money o),

Prices for commodities are on high...

Should we now do away with banks?

welcome back to 1980 my friend! shebi una vote for change, so na change una go dey collect from una bank now...

Qualer:


welcome back to 1980 my friend! shebi una vote for change, so na change una go dey collect from una bank now...

I neither voted change nor transformation

can i still comtinue my aliexpress transactions?

How does this policy effectively defend the naira? These are mere panic measures that further heat up the system. I'm sorry, this is the worst CBN governor in decades!

60k a day! Are these guys thinking at all?

The zoo is falling!!!!