Nigerian Banks raise dollar limit on Naira debit cards

Nigerians, who execute frequent dollar transactions, now have cause to smile as commercial banks in the country have raised dollar limits on Naira cards.

Here is what we’ve observed thus far;

• GT bank has raised monthly dollar spending limit on its Naira debit card from $100 to $1000.
• The money can only be spent through POS and online channels.
• Cash withdrawals are still not authorized.
• A representative of Ecobank quoted in the report, also confirmed the increase in card limit.

Likely Implications

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• Banks would make more income from dollar spending by customers .
• The disparity in parallel market and bank rates may lead to customers buying dollars from the unofficial market to fund their dollar accounts.

As part of measures to manage the demand for foreign exchange at the peak of the dollar crisis, the Central Bank of Nigeria (CBN) issued a memo instructing banks to reduce the dollar limits on Naira debit cards to $100 a month.

The recent uptick in oil prices and production volumes, in the country has led the apex bank to relax the tight controls, and introduce various windows for access to foreign exchange by both individuals and companies.