Banks Reduces Withdrawal Limits on ATMs

In the new arrangement, all ATMs that were
enabled for domestic and foreign transactions
have been restructured to limit Naira cash
withdrawal at ATMs from N150,000 per day to
N60,000 per day while foreign currency is $300
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.
Henceforth, 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) at
$300 (about N60,000) per day. Before this, the
limit was N2 million per day.
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 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 came 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:
“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
withdraws shall continue to be a
maximum of $300 per day.”

  VANGUARD