CBN Cuts Spending Limits On Naira MasterCard
The Central Bank of Nigeria has moved to firm up the naira against the dollar. To this end, the apex bank on Tuesday unveiled a reduction in spending limits on foreign transaction with the Naira Mastercard. One of Nigeria’s leading banks, Guaranty Trust Bank Plc, confirmed this development in email messages to its customers on Tuesday. The bank, which had earlier on Monday told its customers to watch out for the development, said transactions in foreign currency on the Naira MasterCard is now limited to $50,000 per annum, down from the $150,000 it was before. Daily cash withdrawal in foreign currency on the Naira MasterCard has also been reduced to $300 per day. Before, daily cash withdrawal was tied to the value of the daily cash withdrawal allowed within Nigeria. For some set of customers, the maximum cash withdrawal was N150,000, while some premium customers were allowed to withdraw N200,000.
