There has been a lot of misunderstanding or misinformation regarding the recent CBN policy on ATM withdrawal limits. The following are some clarifications in this regard:

1. This limit does not apply to the withdrawal of naira from ATMs within the country. The limit for withdrawal of naira is set by the individual banks in line with the bank’s corporate operative procedure.

2. The limits are applicable only to holders of Naira denominated cards. Hence those who have dollar (or other foreign currency) denominated cards do not have limits on their transactions.

3. The limits are only applicable to ATM Cash withdrawals abroad. The limits are not applicable to PoS and online purchases.

4. The daily withdrawal limit is now $300, while the annual withdrawal limit has been reduced from $150,000 to $50,000

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Though there are no limits on PoS and Online purchases at the moment, it should be noted that the Bank already has plans in place to introduce limits on naira debit cardholders’ spending abroad. The bank has argued that this might become inevitable due to inadequate foreign exchange to pay for rising amount of these overseas spending.

The Bankers' Committee have also stated that due to the significant difference between the official exchange rate and the parallel market, there exist an arbitrage opportunity for smart people to withdraw dollars abroad (at the official rate of N199) with their cards and then bring the cash back to Nigeria to sell at the parallel market.

http://thenationonlineng.net/cebih-confirms-50000-annual-atm-withdrawal-limit/

Ok

Not bad

As it stands now,can one be able to open a domicilliary account here in Nigeria for international transaction? Because I know that for you to fund you dollar or euro mastercard or visacard account,you must fund it through tour domicilliary. Please enlighten me.

benodihe:
As it stands now,can one be able to open a domicilliary account here in Nigeria for international transaction? Because I know that for you to fund you dollar or euro mastercard or visacard account,you must fund it through tour domicilliary. Please enlighten me.

Yes you can still open a domicilliary account here in Nigeria. However, you will not be able to deposit cash dollars into the account, you can only fund the account through Bank Transfer.