Tier two lender Ecobank Nigeria has increased the maximum daily limit of its Naira debit cards abroad, depending on the type of card held by its customers. This was disclosed in a statement issued by the bank on its website.
What are the new limits ?
Customers with Naira debit cards can now pay up to $4,000 and $5,000 per day on online channels and point of sale (PoS) terminals. Foreign currency debit card holders can spend up to $5,000 daily from their domiciliary accounts. Premier Customers with platinum Credit Cards, daily transaction limits of $15,000.00 apply.
Prior to this
The bank in July last year placed a limit on Naira cards. Daily POS and online transactions were limited to $1000 for platinum Naira master card holders. Spending limit for the gold Naira MasterCard was palced at $750, while spending limit for the silver Naira MasterCard was fixed at $500.
What has changed ?
Nigeria’s foreign exchange reserves have hit a year high of over $40 billion dollars, leading to an improvement in dollar liquidity. Crude oil prices have rebounded from as low as $40 a barrel, to over $70, while production volumes in the country have remained steady.
While the outlook for crude oil at current levels remain positive, production volumes in the country could come under threat as elections approach. A shock to foreign exchange income, could lead to a reinstatement of the restrictions.
Ecobank Nigeria is a member of the Ecobank Trans International (ETI) which was established in 1986. Results for the 9 months ended September 2017 show ETI’s gross earnings increased from N456 billion in 2016 to N564 billion in 2017. Profit before tax also increased from N67 billion iin 2016 to N69 billion in 2017. Earnings per share also increased from 178 kobo in 2016 to 201 kobo in 2017.
ETI shares closed at N19.95 in yesterday’s trading session on the Nigerian Stock Exchange (NSE). Year to date the shares are up 17.35%.