In continuation of effort to restore the confidence in Naira, the Central Bank of Nigeria (CBN) has issued a new directive to banks.
The order affects withdrawal limits on Automatic Teller Machines (ATMs) and foreign transactions on all existing Naira debit cards (ATM cards).
Henceforth, ATMs that were hitherto enabled for domestic and foreign transactions will not release more than N60,000 per day while foreign currency is $300 per day.
The domestic withdrawal limit was N150,000 per day.
The new arrangement has separated traditional ATM from MasterCard credit card where the former has now been deactivated and can no longer be used for transactions abroad.
Also single ATM card serves for transactions for both domestic and abroad. Also, the restructured cards now have spending limits on POS/eCommerce (online shopping) pegged at $300 (about N60,000) per day.
Before this, the limit was N2 million per day. In the new arrangement, for a bank customer with multiple debit cards (ATM cards), only the one linked to the primary transactional account will be enabled for use abroad.
However, banks are putting in place alternatives in these adjustments to address the concern of customers. .
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