Banks raise dollar spending by 900%






Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday.

The policy shift is expected to help travellers pay their hotel bills, make reservations and other transactions using their debit cards.

The decision to increase the spending limit followed improved dollar liquidity in the market triggered by the Central Bank of Nigeria (CBN)-sustained interventions.

The interventions have yielded results and reduced foreign currency pressure on many lenders.

In a report to customers titled: Upward Review of the International Spending Limit on Your Naira MasterCard’ GTBank raised monthly dollar spending limit on naira MasterCard from $100 to $1,000 representing 900 per cent increase. The bank said: “We write to inform you of the monthly spending limits currently applicable when using your GTBank Naira MasterCard for International payments”.

The bank said customers could access the fund through Point of Sale (POS) and other online channels. The bank however, said international cash withdrawal was still restricted.

Many of the lenders, at the height of forex scarcity, pegged monthly transactions on PoS and online transactions using cards at $100, British Pounds Sterling 90, Euro 130 and Canadian Dollars 360.

Stanbic IBTC Bank, United Bank for Africa, Access Bank, Stanbic IBTC Bank, Standard Chartered Bank Nigeria (StanChart) and GTBank last October, announced the suspension of their overseas Automated Teller Machine card services. Also suspended by the banks were all foreign currency-denominated transactions, including those conducted on PoS machines and online.

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1 Comment

  1. d says

    wonderful development

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