It appears the drama of the exchange rate is still unfolding following this weekends restriction by most commercial banks on online transactions using ATM cards
One of our analyst just received the email below from a commercial bank confirming an “upward review of International Spend Limit on Your Naira Mastercard.”
The bank claims the limit has now been increased to $10,000 per month instead of the $300 per day limit earlier placed.
Whilst the $10,000 translates to approximately $300 per day, the difference however is that you can make a one time transfer of $10,000 or less as against daily transfer of $300.
However, once you exhaust the $10,000 transfer you won’t be able to make another till the next month
The annual limit of $50,000 still remains as well.
See excerpts of the email below
Upward Review of International Spend Limit on Your Naira MasterCard
We are pleased to inform you that the temporary measure reducing the international spend limit on your Naira MasterCard has been reviewed, and we have increased the international spend limit on your Naira MasterCard to $10,000 monthly.
This means that you can now spend up to $10,000 using your GTBank Naira MasterCard for international payments via POS and online, subject to a monthly limit of $10,000 and an annual limit of $50,000.
In line with our commitment to ensuring that our customers are able to make payments easily and conveniently, we will continue to update you on every development regarding international spend limit on your Naira MasterCard.
We thank you for bearing with us and apologise again for every inconvenience the limit reduction might have caused.