Nigerians were inundated with messaged from their banks informing them of limits to foreign denominated transactions. Some messages read as follows;
Dear Customer, effective 21 June 2016 the international daily spend limit on your Debit card is $50 on ATM and $100 on POS/Web combined. The monthly cumulative spend limit on ATM/POS/Web is now $750. Remember to notify us of your travel plans to ensure unhindered access to your cards abroad. 012709676
A few inquiries with people with knowledge with the matter suggest banks are basically taking precautionary measures as they do not want retail investors to cause “necessary volatility” by loading up demand. It appears they must have don this in conjunction with the CBN who are also keen on ensuring that the market opens at a less turbulent pace. It is believed that it is in everyone’s best interest to keep rates less volatile to allow the market adjust to the new norm.