The Central Bank of Nigeria (CBN) yesterday reduced the limit for usage of naira debit cards for transactions overseas to $50,000 from $150,000 per person, per annum.
The reduction was announced by the Director, Trade and Exchange Department, CBN, Mr. Olakanni Gbadamosi via a circular titled “Usage of Naira Denominated Cards Overseas.
The circular stated, “All authorised dealers and the general public are hereby informed that with effect from the date of this circular (13th April 2015) the existing limit on the usage of the naira denominated cards for transactions overseas has been reviewed downward
“Accordingly, the limit has been reduced from $150,000 to $50,000 per person, per annum. In addition, authorised dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day is pegged at $300. Authorised dealers are to ensure strict compliance with this new limit and render monthly returns of the transactions.”
The decision to reduce the limit was taken at the meeting of the Bankers Committee held last week.
