- The Central Bank of Nigeria (CBN) yesterday said the $50,000 per person, per annum limit for use of naira debit cards for transactions overseas will not affect customers spending from their domiciliary accounts.
- Its Director, Trade and Exchange, Olakanmi Gbadamosi who gave the exemption via a circular, said debit/credit cards used locally are also not affected by the policy. He said the clarification became necessary because stakeholders have been giving different interpretations to the earlier directive cutting customer’s debit/credit card spending limit from $150,000 to $50,000.
- The reduction had earlier been announced by Gbadamosi via a circular titled Usage of Naira Denominated Cards Overseas. According to the circular:
“All authorised dealers and the general public are hereby informed that with effect from the date of this circular (13th April 2015) the existing limit on the usage of the naira denominated cards for transactions overseas has been reviewed downward. “Accordingly, the limit has been reduced from $150,000 to $50,000 per person, per annum. In addition, authorised dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day is pegged at $300.
- It said authorised dealers are to ensure strict compliance with this new limit and render monthly returns of the transactions, adding that the decision to reduce the limit was taken at the meeting of the Bankers Committee
- Source: The Nation