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April 1, 2020

Nigerian banks cap debit card withdrawal limit overseas

Banks in Nigeria are placing limits on the amount any individual can withdraw from the ATMs using their debit cards while they are abroad, Reuters has reported.

Fidelity Bank plans to impose a new limit of $1,000 starting from 1 April 2020. Previously the withdrawal limit was $3,000.

Zenith Bank and GT Bank have also lowered the withdrawal limits for customers who are abroad.

Stanbic IBTC Bank has slashed its daily withdrawal limit to $300, the report added.

The move is part of the banks’ efforts to ease the foreign currency settlement risk.

These moves usually come from the central banks, however, it is not yet clear if the latest move is backed by the regulator, said Reuters.

Due to the recent coronavirus (Covid-19) outbreak, the Central Bank of Nigeria (CBN) has been struggling to conserve dollar reserves that are down by 16% from a year ago.

This Covid-19 outbreak had triggered a sharp fall in the oil prices, which is Nigeria’s main export.

Reports emerged that the drop in oil prices has also urged foreign investors to shed Nigerian assets.


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