Nigerians that used their Naira debit cards for international transactions are to note that the new CBN limits for International transactions is now $50,000 per person annually.
The Central Bank of Nigeria (CBN) has reviewed the limits for international transactions on Naira-denominated cards. The spending limit that was initially $150,000 per person annually has been cut-down to $50,000. While the maximum daily withdrawal limit is now $300.
The new limit simply implies that whenever you used your Naira-denominated card outside Nigeria, you are only entitled to $300 daily and a total of $50,000 yearly.
The circular signed by the Director, Trade and Exchange Department, CBN, Olakanmi Gbadamosi was for public knowledge.
“Further to the circular referenced No: TED/FEM/FPC/GEN/01/009 of September 26, 2013, all authorised dealers and the general public are hereby informed that with effect from the date of this circular, 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, the 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 the new limit and render monthly returns of the transactions to the Director, Trade and Exchange Department, CBN, not later than the fifth day of the following month.”
What’s your say about this new limit?