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Nigerian Banks To Minimize Debit Card Spending Abroad As FX Crisis Intensifies - Business - Nairaland

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Nigerian Banks To Minimize Debit Card Spending Abroad As FX Crisis Intensifies by ElectroLyte: 10:50am On Jul 20, 2020
Due to the ongoing foreign exchange crisis in the country, Nigerian Banks are set to limit debit card spending abroad.
From this morning, Nigerian banks will suspend or reduce the amount their customers can spend abroad using debit cards, two of the banks have said, as the lenders try to limit foreign currency settlement risk.

It is yet another worrying sign of the country’s worsening dollar shortages made more severe by the sharp fall in the price of oil, Nigeria’s main export.

Simply put, Nigerian banks are trying to avoid transactions with hard currency reports Reuters.

Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank, said it will halve the spending limit for offshore card transactions to $500 per month from Monday and will limit cash withdrawals to $100.

Another top tier lender Zenith Bank said it will temporarily suspend the use of debit cards abroad for cash withdrawals and cut the monthly spending limit abroad by more than half to $200.

Read more===https://thestreetjournal.org/2020/07/nigerian-banks-to-minimize-debit-card-spending-abroad-as-fx-crisis-intensifies/

Re: Nigerian Banks To Minimize Debit Card Spending Abroad As FX Crisis Intensifies by noble71(m): 10:58am On Jul 20, 2020
I saw their update, very useless people. Making things hard for common man. Banks that are dependent on aboki for dollars. This country is doomed.
Re: Nigerian Banks To Minimize Debit Card Spending Abroad As FX Crisis Intensifies by GboyegaD(m): 11:04am On Jul 20, 2020
Would it get worse than $500USD GTBank allows as the maximum on a transaction or the black market rate Access Bank uses for conversion? Our banks has caused us more pains than gain so, I, personally don't care.

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