Central Bank: Spending limit on Naira on ATM cards abroad reviewed

As part of its effort to check unrestrained usage of foreign currency in conducting business in Nigeria, the Central Bank of Nigeria has reviewed the foreign exchange spending limit on Naira automated teller machine (ATM) cards.

In line with the review, which takes immediate effect, users of such cards as the Naira MasterCard have been advised to limit their spending to only $50,000 per annum, from $150,000 previously.

Already the CBN has directed all the banks to advise their customers to ensure strict compliance as any violation would be met with stiff sanctions.

With the review, ATM card users cannot spend more than $50,000 in a year during their stay abroad or when shopping online at any foreign stores, ATMs and point of sale.

Similarly, the CBN has also reduced the daily cash withdrawal limit for ATM card users to a ceiling of $300.

In a message to its customers on Monday, Guaranty Trust Bank said the new limits for both spending using their Naira MasterCard and cash withdrawal abroad stood at $50,000 per year, as against the previous $150,000.

On ATM cash withdrawals, the bank said the new limit was $300 as against $2,500.