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Home Business News

Ecobank Nigeria revises dollar limits for Naira

Onome Ohwovoriole by Onome Ohwovoriole
January 17, 2018
in Business News, Company News
Ecobank obtains $200 milllion loan from consortium led by FMO

Ade Adeyemi, Chief Executive Officer, Ecobank Trans International

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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 

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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.

Risks remain

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%.


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Tags: Ecobank Naira MastercardEcobank Nigeria
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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