As the harsh realities of the novel coronavirus disease [COVID-19] pandemic begin to take consequential toll on global economy, banks are adjusting the value and volume of transactions customers can do with their debit cards abroad as Nigeria’s dollar earnings has also seriously dipped.
The lenders, which two years ago, raised their card spending limits on Point of Sale (PoS) and online card transactions abroad, are currently placing limits on amounts customers can withdraw with their debit cards in offshore transactions.
This became exigent as foreign reserves dipped by $3.02 billion from $38.53 billion on January 2, 2020, to $35.51 billion as of March 27, 2020 according to latest statistics from the Central Bank of Nigeria.
Fidelity Bank has imposed a new limit of $1,000, down from $3,000 previously.
Other lenders — Zenith Bank and GT Bank — have lowered withdrawal limits for individuals while abroad. Stanbic IBTC Bank said it has pegged its daily limit at $300.
