CBN Cuts Spending Limits On Naira MasterCard

The Central Bank of Nigeria (CBN) has moved to firm up the naira against the dol­lar.

To this end, the apex bank yesterday unveiled a reduction on spend­ing limits on foreign ex­change with the Naira Mastercard. In a release made avail­able to the Daily Times by GTBank, the new monetary policy unveiled by the Central Bank re­vealed that henceforth, the FX will be reduced from $150,000 to $50,000 per annum.

This means that a cus­tomer can only spend a maximum of $50,000 in a year using his Master­Card when abroad (shop­ping online at foreign stores, ATMs and POS). Besides, the CBN has also announced a new regime on the daily cash withdrawal limit for the Naira MasterCard which has also been reduced to $300 per day.

These moves were to ensure sanity in financial transactions in the country. In another move to en­sure sanity in financial transactions in the coun­try, the CBN has directed banks to immediately for­ward details of Nigerians who are in the habit of is­suing dud cheques. This is part of efforts to curb issuance of dud cheques.

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