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Saturday, April 18, 2015

Breaking News: CBN reduces Naira denominated cards spending to $50,000



The Central Bank of Nigeria (CBN) has reviewed downward the spending limits on Naira denominated cards by estimated 66.67 per cent, DigitalSENSE Business News reports.

Investigations by DigitalSENSE Business News showed that CBN has reduced the Foreign Exchange spending limit on Naira denominated cards from previously $150,000, about to N29,850,000.00 to $50,000 an estimated N9,950,000.00 per annum.

Further investigations DigitalSENSE Business News revealed that with this development users of dominated cards in the country such as Naira MasterCard, Naira Credit Card, Naira Visa Prepaid Card, in a foreign Automated Teller Machines (ATMs), Point of Sale (POS) or Web now has a limit of $50,000  per year.

In addition, the daily cash withdrawal limit for a Naira denominated cards have been reduced to $300, about N59,700.00 per day from $120,000 previously.

This, industry analyst say may not be unconnected with the strategies by the incoming government of General Muhammadu Buhari to refocus the economy, especially the Naira, in line with what President Goodluck Jonathan started by stopping sale of dollar in the open market, a few months earlier.

+Remmy Nweke (ITRealms)  
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