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LequteMan
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Several Nigerian banks have intensified a downward review of the spending limits on debit cards abroad following the scarcity of dollars in the country.
Two major banks in Nigeria- Stanbic IBTC and Ecobank, have issued fresh notices to their customers, informing them of the reduction in the amount they could withdraw abroad.
Now Stanbic IBTC customers with the debit master card can only spend $350 a day online or on a Point of Sale (POS) terminal as against the previous daily limit of $1000 a day.
Cash withdrawal from ATMs outside the country has also been reduced by 50 per cent from $300 a day to $150 a day.
It also said the total amount that could be withdrawn from any ATM abroad on a Stanbic IBTC debit master card is $750, while the total amount that could be spent online and on POS in a month is now $1,750. Total cumulative monthly spending on all the two platforms is now only $2500.
Also, Ecobank, in a notice issued on Friday, said the daily cash withdrawal had been reduced from $300 to $100 a day, or its equivalent in other foreign currencies when you are abroad.
Ecobank cut down all its cards limit to $100 a day. The standard card from $3000 to $100 a day (on POS/web); Gold Card from $4,000 to $100 a day (on POS/web) and Platinum card from $5,000 to $100 a day (on POS/web) with the cumulative annual spending limit for all cards to $50,000.
Two major banks in Nigeria- Stanbic IBTC and Ecobank, have issued fresh notices to their customers, informing them of the reduction in the amount they could withdraw abroad.
Now Stanbic IBTC customers with the debit master card can only spend $350 a day online or on a Point of Sale (POS) terminal as against the previous daily limit of $1000 a day.
Cash withdrawal from ATMs outside the country has also been reduced by 50 per cent from $300 a day to $150 a day.
It also said the total amount that could be withdrawn from any ATM abroad on a Stanbic IBTC debit master card is $750, while the total amount that could be spent online and on POS in a month is now $1,750. Total cumulative monthly spending on all the two platforms is now only $2500.
Also, Ecobank, in a notice issued on Friday, said the daily cash withdrawal had been reduced from $300 to $100 a day, or its equivalent in other foreign currencies when you are abroad.
Ecobank cut down all its cards limit to $100 a day. The standard card from $3000 to $100 a day (on POS/web); Gold Card from $4,000 to $100 a day (on POS/web) and Platinum card from $5,000 to $100 a day (on POS/web) with the cumulative annual spending limit for all cards to $50,000.
