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Nigerian Banks Modify International Spending Limits on ATMs


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Nigerian banks have started to adjust international spending limits as forex scarcity which currently faces the country continues to bite harder.

Daily Naira Debit Card limits for transaction on ATMs with current limits put at $200 is expected to be adjusted to $100 from tomorrow, October 1st, 2016 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 only applicable to Naira Debit Cards while customers that require higher international spend limits can request for a UDS Debit, Credit or Prepaid card.

The Nigerian currency in the parallel market has gone as high as N490 to a dollar as at September 30, 2016.

See details:

NairaLimit.jpg

Source: Proshare

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