CBN Reviews Overseas Naira Debit Cards Downwards From $150,000 to $50,000

Apparently in steps to further monitor and give more stability to our currency, the CBN has announced the reduction of the usage of Naira debit cards for transactions overseas to $50,000 from $150,000 yearly.

This was made known by the Director, Trade and Exchange Department, CBN, Olakanni Gbadamosi via a circular titled “Usage of Naira Denominated Cards Overseas"

This downward review also states that authorised dealers are to ensure that the daily cash withdrawal limit embedded in the cards per person, per day is pegged at $300. 

The decision to reduce the limit was taken at the meeting of the Bankers Committee held last week where the Managing Director,Union Bank, Emeka Emuwa, said, it became necessary because people are using the cards in a manner that was not expected. 

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