• 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.
  • See Copy of Email Below

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