LAGOS — The battle for defence of the Naira value has widened, affecting
existing withdrawal limits on Automatic Teller Machines (ATMs) and
foreign transactions on all existing Naira debit cards (ATM cards).
In
the new arrangement, all ATMs that were hitherto enabled for domestic
and foreign transactions have been restructured to limit Naira cash
withdrawal at ATMs to N60,000 per day while foreign currency is $300 per
day. Hitherto, 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. Hitherto, a 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, a bank customer with
multiple debit cards (ATM cards), only the one linked to the primary
transactional account will be enabled for use abroad. Hitherto, such
customers could transact with any of the cards that is funded.
However,
banks are putting in place alternatives in these adjustments to address
the concern of customers who are now being directed by their banks to
reapply for a new card arrangement to suit their purposes.
For
instance, Standard Chartered Bank has asked its customers to request a
complementary ATM card for domestic use only so that the original
N150,000 daily cash withdrawal limit can be restored and also reactivate
POS/online purchase limit of N2 million per day.
The bank also
required their customers to apply for a foreign currency denominated ATM
linked to domiciliary account which would be enabled with no daily or
annual international transaction limits.
Earlier, Guaranty Trust Bank
Plc had informed its customers of its decision to reduce the daily
international spending limit on their Naira MasterCard to $300 with
effect from yesterday.
In a communication to the customers, the bank
explained: “In view of the increased difficulty in sourcing foreign
currency to settle international transactions on Naira MasterCards, we
have reduced the daily international spending limit on your Naira
MasterCard to $300.This means that you can only spend up to $300 daily
when using your GTBank Naira MasterCard for international payments via
POS and online.
“You will, however, continue to have the option
of paying for medical bills, school fees, mortgages and credit cards
using Form A, as these are eligible transactions for foreign currency.
Simply visit any GTBank branch to complete a Form A along with the
required documents to make these payments.”
These developments were
coming on the heels of Central Bank of Nigeria’s (CBN) statement on
Sunday that all legitimate requests for foreign currency for eligible
transactions, normally referred to as “invisibles,” such as remittances
for school fees, student maintenance allowances, BTA, PTA, medical and
other eligible transactions, shall be fully met at the
official/interbank exchange rate.
A statement from the CBN added that
already all the legitimate demands for such transactions through
recognised channels have so far been fully met by CBN.
The
statement stated: “The CBN hereby directs all authorised dealers in
foreign exchange in Nigeria to henceforth treat as top priority all
legitimate demand for foreign exchange for eligible transactions.
“The
CBN once again advises individuals that wish to source foreign currency
for such eligible transactions to approach their banks with their
legitimate demand as the CBN has made adequate provisions of foreign
currency for all such legitimate and eligible purposes.
“Furthermore,
holders of Naira denominated debit and credit cards shall continue to
have access to the use of their cards at ATMs in any part of the world
but subject to the annual limit of $50,000. ATM Withdrawsaws shall
continue to be a maximum of of $300 per day.”
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